Audits are not for every organization. Perhaps within your organization, there are no outside lenders or regulators who require audited financial statements. Or perhaps a less involved level of service on your organization’s finances would be acceptable to them. We can assist you by explaining the various available levels of financial reporting that may provide peace of mind without a significantly high level of investment.
In a review of a financial statement, we perform inquiry and analytical procedures that provide limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in accordance with generally accepted accounting principles or, if applicable another financial reporting framework, such as the cash or tax basis of accounting. Generally, in a review, additional evidence is NOT obtained to corroborate the results of inquiry and analytical procedures.
A compilation presents (in the form of financial statements) information that is the representation of management, without performing further procedures in order to express any assurance on the financial statements. Accordingly, we express no opinion or assurance on your compiled financial statements. Compiled financial statements can include or exclude note disclosures required by generally accepted accounting principles or, if applicable other financial reporting framework, such as the cash or tax basis of accounting.