Audits are often required by third parties, such as financial institutions, other credit grantors and bonding companies. That's why, in an audit, we carefully examine a company's financial statements in accordance with auditing standards and express our opinion as to whether these statements are fairly presented in conformity with generally accepted accounting principles. Our audits offer you the highest degree of assurance regarding financial statements. At the completion of most audits, management receives a report outlining suggestions for improving current control procedures. These reports make our audits as valuable to managers seeking an in-depth critique of accounting and reporting practices as they are to third parties.
Reviews are often sufficient for a client's management and creditors.
In this type of engagement, we review a company's financial statements and issue a report giving a limited degree of assurance. Reviews require a working knowledge of your industry and the most important aspects of your business. We make inquiries relating to your financial statements and apply analytical procedures designed to identify unusual items or trends that may need explanation. In other words, we try to determine if financial statements are reasonable without applying strict audit procedures. A compilation involves gathering your company's financial information and assembling it in financial statement format.