Our auditors will ask questions in a good-natured way and review documentation without making you feel like you’re under investigation. The only surprise should be how easy and painless it is to work with our team.
Financial statement assurance services add a level of trust to your internal and external business relationships.
Assurance Services
- Audited Financial Statements
- Reviewed Financial Statements
- Compiled Financial Statements
- Employee Benefit Plan (EBP) Audits
Audited Financial Statements
Audited Financial Statements can help bring a critical element of trust and confidence to your business relationships, enabling key stakeholders to make important financial decisions with a high level of confidence. The goal of an audit is to express an opinion about whether the financial statements are fairly stated in an accordance with the applicable financial reporting framework. Our auditors start by understanding the business and its internal controls, and perform various procedures, such as:
- Physical observation of certain assets
- Detailed testing of underlying financial information
- Analysis of key accounts
- Assistance in preparing financial statements
At the conclusion of the audit, our auditors will meet with your audit committee or management team to discuss the results of the audit, and make recommendations to improve internal controls.
An audit is a significant undertaking for both the client and auditor due to the depth and scale of work involved. Audits are typically useful for larger more complex entities and are often required by lenders, investors, or regulatory agencies.
Reviewed Financial Statements
A review provides limited assurance that the financial statements conform to the financial reporting framework. It’s less rigorous and less costly than an audit. Your accountant issues a report after a review, but does not offer an opinion on the financial statements. A review consists primarily of:
- Inquiries of management
- Analytical procedures applied to financial data
- Assistance in preparing financial statements
Reviewed financial statements can save an entity on the cost and workload of an audit, while still providing limited assurance that often meets the needs of lenders, investors, or owners.
Compiled Financial Statements
A compilation involves presenting financial information in the form of financial statements without providing assurance on the accuracy or need for modifications. There’s no expression of an opinion on the financial statements. In a compilation, the accountant:
- Gains a general understanding of the business
- Communicates anything that appears to be a significant misstatement or violation of the financial reporting framework
Even though a compilation does not provide assurance, it aids management in organizing and presenting their financial information.
Employee Benefit Plan Audits
Audits of employee benefit plans, such as 401(k) plans, are required by the Department of Labor once the plan reaches a certain number of participants. The audit includes reporting on the accuracy of the plan’s financial statements, as well as testing of certain regulatory requirements.
As a member firm of the AICPA’s Employee Benefit Plan Audit Quality Coalition, our auditors are uniquely trained and equipped to carry out the audit in a high-quality manner, while maintaining the friendly attitude and efficient approach that we bring to every engagement.