We provide independent audited financial statements. We cover all levels of risk from compilations to reviews to full audits. We assess your unique situation to understand which type of financial statement report appropriately serves your specific circumstances.
Compilation – Lowest Level of Assurance
A compilation is typically intended for use by lenders and other outside parties who may appreciate the business’s association with a CPA, without requiring a level of assurance on the accuracy of financial statements. The CPA is required to read the financial statements in light of the financial reporting framework being used, and consider whether the financial statements appear appropriate in form and are free from obvious material misstatements.
Compilations are typically appropriate when lower amounts of financing or credit are sought or significant collateral are in place.
Review – Limited Assurance
Less extensive than an audit but more complex than a compilation, a review engagement mainly consists of analytical procedures we apply to the financial statements. If the financial statements or supporting information appear inconsistent or otherwise questionable, additional procedures may be necessary.
A review can provide lenders and other outside parties with a basic level of assurance on the accuracy of financial statements. A review is typically appropriate as a business grows and is seeking larger and more complex levels of financing.
Audit – Highest Level of Assurance
An audit provides the highest level of assurance that your financial statements are fairly presented in accordance with required standards. Our team analyzes financial statements and evaluates the risk of material misstatements. As independent auditors, we examine your financial statements, along with the required disclosures. We review your internal controls, test selected transactions, and make inquiries to outsides parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements.
Audits are typically appropriate (and often required) when seeking high levels of financing or outside investors.