Our firm provides professional compilation, review, and audit services to businesses of all sizes. We can quickly compile your financial records into meaningful GAAP-compliant financial statements, offer limited-scope review testing, and can deliver complete audit attestation.
Compiled Financial Statements
The Compilation is the lowest level of service that a CPA can provide for client’s financial statement. It involves presenting the client’s information in the form of financial statements, without expressing any assurance/opinion on them. During a compilation engagement, the CPA is not required to verify the amounts included in the financial statements provided by the client.
Reviewed Financial Statements:
A Review requires the CPA to perform more procedures than a compilation. During a review, an accountant is required to make inquires of the client and perform analytical procedures related to the amounts and disclosures in the financial statements. By performing inquiry and analytics, the CPA can provide limited assurance that there is no material change that should be made to the financial statement.
Audited Financial Statements:
An audit provides the highest level of assurance and, as such, requires much more work by the CPA then is required for a compilation or review. During the audit, the auditor is required to corroborate the amounts and disclosures included in the financial statements through test of the accounting documents, physical inspection, the use of third party confirmations or other procedures deemed appropriate. The auditor must also understand the company’s internal control structure. The auditor’s report provides an opinion that the financial statements present fairly in all material respects, the financial position of the company and the results of operations in conformity with generally accepted accounting principles. An audit engagement is planned and performed by an auditor with an attitude of professional skepticism and obtains several types of evidence to reduce the risk that the financial statements are materially misstated.
