Audits, Reviews, & Compilations
An audit is the most thorough type of financial statement. It allows you to satisfy stakeholders (such as customers or an investing community), facilitate the payment of corporate tax and other taxes in order to avoid interest, penalties, and investigations, and it helps deter and detect material fraud and error. An audit is a methodological review and an objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice.
When you request an audit, our expert team provides you a review of internal controls, testing of selected transactions, and communication with third parties. By going outside of the company to obtain all necessary information, you're ensuring that you get the highest level of assurance regarding your financial standing.
Although less extensive than an audit, a review is more detailed than a compilation and it consists primarily of analytical procedures applied to financial statements, as well as various details regarding your company's management team.
Banks often require compilations from an independent CPA as part of their lending convents. This kind of financial statement provides the lowest level of assurance. It doesn't require inquiries of management or analytical procedures, only our knowledge of accounting principles and a general understanding of your business.