Audits and Assurance Services
We perform audits, reviews and compilations depending on your business needs:
- Audit - The purpose of an audit is to express an opinion on the financial statements and to obtain reasonable assurance that the financial statements are free from material misstatement. The procedures include obtaining evidence to support significant balances and transactions (i.e. examining bank statements, invoices, or other source documents) on a test basis. It may also include testing of certain internal control functions depending on the detailed risk assessment.
- Review - The purpose of a review is to obtain limited assurance that there are no material modifications that should be made to the financial statements – there is no formal opinion given. The procedures include primarily applying analytical procedures and making inquiries of management. There is limited examination of evidence to support balances or transactions. The risk assessment is also more limited and generally will not include any testing of internal controls.
- Compilation - The purpose of a compilation is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements. The report issued does not express an opinion or provide any assurance about whether the financial statements are in accordance with the applicable financial reporting framework.
We specialize in non-profit organizations, small businesses, homeowners associations and 401(k) plans.