Audits, Compilations & Reviews

An audit is the methodical review and objective examination of financial records to provide the highest level of assurance in a financial statement reflecting the true financial position of a company.  Our process prioritizes the verification of information without paralyzing your everyday workflow.  We’ll review internal controls, test select transactions, and communicate with third parties as needed to ensure financial records are free of material errors and in accordance with GAAP.  We perform audits for a variety of needs including corporate and family business, private foundations, family trusts, non-profit organizations, and employee benefit plans. 

A compilation is the most basic level of CPA service with respect to financial statements. A step down from a full audit, the compilation instead focuses on possible departures from generally accepted accounting principles and are often used by banks as part of their lending covenants. We compile financial statements without the inquiries of management or analytical procedures. Compilations are driven instead by our experience of accounting practices and an understanding of your business. Information is the “representation of management” and expresses no opinion or assurance on the statement.

A review is less expansive than an audit but offers more assurance than a compilation. We won’t need to study and evaluate internal controls, engage third parties, or physically inspect assets and inventory. A review report expresses limited assurance with the statement “We are not aware of any material modifications” for the financial statements to comply with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements are often helpful in providing to regulatory agencies, creditors, or other users who do not require a CPA-audited financial statement.