Stockholders, creditors, and private investors need assurance that the financial statements accurately represent a true financial position of their company, as they may have different levels of risk tolerance. We provide three levels of assurance to meet those needs.
Audit
Highest Level of Assurance: An audit provides the highest level of assurance, as it is a methodical review and objective examination of financial statements which includes verification of specific information, as determined by the auditor or as established by general practice. Our work includes a review of internal controls and communication with third parties. We issue a report, based on our findings, indicating whether or not the financial statements are accurately stated and free of material misstatements.
Compilation
Lowest Level of Assurance: Compilations of financial statements do not require inquiries of management or analytical procedures, as we present information that is the "representation of management" and we express no opinion or assurance regarding the statements. We rely on our knowledge of accounting principles and a general understanding of your business. Banks often require compilations from an accountant as part of their lending covenants.
