There are several types of assurance services available. Determining the best option for you will help ensure that you’re meeting stringent requirements—or save you thousands of dollars in fees and countless hours of preparation.
Audit – The highest level of assurance you can obtain, audits are required for government entities, some nonprofits (and other organizations), and businesses with loan covenant and bonding requirements. An audit thoroughly examines the completeness and accuracy of your financial statements through customized risk-based audit procedures and testing. The deliverable is our audit opinion, a full set of financial statements and note disclosures.
Review – A review is ideal for smaller businesses, organizations or nonprofits with simpler funding sources. It provides limited assurance that no material modifications are needed to make your financial statements compliant with GAAP. The review report includes a full set of financial statements and note disclosures, but no opinions. It’s a less expensive option that still provides a basic level of assurance on the accuracy of your financial statements.
Compilation – Maybe all you need is a simple statement about your financial statements. A compilation informs a lender or other outside party that your financial statements are appropriately prepared in accordance with GAAP. This brief report, printed on our firm’s letterhead, demonstrates your commitment to sound reporting. Compiled financial statements represent the most basic level of service we can provide with respect to your financial statements.
Need a narrower focus? Read about our agreed-upon procedures, employee benefit plan audits and SOC reporting services!