Audits, Reviews, Compilations

ASSURANCE SERVICES – AUDITS, REVIEWS, COMPILATIONS

Clients need financial statements for various reasons.  We discuss certain engagement alternatives with our clients to distinguish the level of service (compilation, review, or audit) or the type of financial statements (with or without disclosures, GAAP or OCBOA, etc.).

• Compiled statements will usually be sufficient for management use, especially for interim periods
• Owners who are not active in management probably prefer reviewed statements at least annually.
• Banks and other creditors usually want as much assurance as the can get, usually audits.

Our Services Include:  

• Analysis of internal control, risk assessment, examine supporting documentation and third party confirmations.
• Materiality and relative risk underlie the application of all the generally accepted auditing standards.
• Audits are to be planned and performed to obtain reasonable assurance about whether the financial statements are free of material misstatement.