Our assurance services for financial statements include year-end and interim periods. We know that our clients are best served if we can identify opportunities for you to improve operations, safeguard assets and increase profits. Our approach in all of our financial statement engagements is to gain an understanding of your business so we can provide useful advice that takes your future into account.
Audits provide assurance to third parties including stockholders, creditors and banks, grantors, and regulators that financial statements are presented, in all material respects, in conformity with generally accepted accounting principles (GAAP).
Our audit procedures include obtaining an understanding of your organization and its internal controls. We assess the risk of material misstatement of the financial statements whether due to error or fraud, and design the nature, timing, and extent of our audit tests that are responsive to the assessed risks. We test your accounting records and your responses to our inquiries by obtaining sufficient evidence through inspection, observation, confirmation, and analytical procedures.
At the conclusion of our audit, we provide a written report expressing our opinion as to whether the financial statements, including the financial statement note disclosures, are in accordance with GAAP.
A review of financial statements provides limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with GAAP.
We perform inquiry and analytical procedures and obtain representations from management in order to issue our review report covering the financial statements and required note disclosures.
A compilation of financial statements presents information that is the representation of management in financial statement format. Financial statement note disclosures are not required and we do not express any assurance on the financial statements.
Even though our compilation service provides no assurance, we improve the quality of the compiled financial information by assisting clients in presenting it in accordance with GAAP or other comprehensive basis of accounting (OCBOA). Although our report does not provide any measure of assurance, our involvement often helps provide assurance to third parties. Providing compiled personal financial statements to creditors is an example of where our involvement is often useful.