Attest and Assurance Services
Audits, reviews and compilations are services designed to help you provide financial statements that show the financial results of your business at a level of assurance that fits your situation. When you know where you are and what resources you really have, you can identify which direction you need to go, what decisions have to be made and what it will take to get there.
Many clients require financial statements to be prepared for submission to outside third parties. Our professionals bring experience in meeting all of your assurance needs while helping you understand key issues involving performance, risk management, data analysis, privacy and corporate governance requirements. We can provide all levels of financial assurance; Audit, Compilation, and Review, based on your specific need.
What’s the Difference?
Audits result in an independent CPA firm’s expression of an opinion on whether the company’s financial statements are presented fairly. These are generally required by outside parties, such as investors, creditors, lenders or regulatory agencies seeking significant assurance about the financial position, results of operations and cash flows of your business.
Reviews result in a report where the CPA provides “negative assurance” regarding the fairness of financial statements. The report states that the accountants are not aware of any modifications that would be necessary to make the financial statements fairly presented. Reviewed financial statements are often used by businesses to report their financial position, results of operations and cash flows to third parties where audits aren't required.
Compilations result in an accountant’s report stating they have compiled the financial statements, but do not provide any assurance on the fairness of the financial statements presented. Compilations are favored by businesses that do not require audits or reviews because the users are comfortable with the financial information provided without any assurance from the CPA.