With the help of an audit team, business owners and non-profits can improve controls and operational inefficiencies while gaining a sense of best practices within their industry. Accurate, reliable audits, reviews and compilations are a central part of business integrity, affecting the availability of capital, the quality of internal decision making and the confidence of business partners, investors and donors. An annual audit or review can support proper regulatory reporting and compliance, implementation of accounting standards in a timely manner and improved company key performance indicators (KPIs) for forecasting.
Audit: An audit is the highest level of financial statement assurance provided by an Independent Certified Public Accountant. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice in accordance with Generally Accepted Accounting Principles (GAAP). The audit is planned and performed to obtain reasonable assurance that the financial statements are free from material misstatement. During the audit, our team will examine on a sample basis internal supporting documents and other accounting records that support amounts recorded in the financial statements. Auditors may also make inquiries of selected company personnel as well as confirm certain assets and liabilities by correspondence with selected independent customers, vendors and creditors. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements
Review: A review provides a limited level of assurance that your financial information contains no material misstatements. When financial statements are reviewed, we provide reasonable assurance that the financial statements are accurate based on high level analysis, our understanding of the business, and corroboration of information provided.
Compilation: Compiled financial statements are the entry level of financial reports. They measure performance over a period of time and financial position as of a period-end. In a compilation engagement, our team assists the company with producing financial statements. No procedures are done to provide assurance that the financials are materially correct.
Audit & Assurance Services: