Audit & Assurance
More than validating the facts, our audit and assurance work draws the outline for better, more effective financial practices in the years ahead.
Audit & Assurance Services
Clarity your stakeholders can stand behind.
We recognize the requirement for quality assurance that financial statements accurately embody the financial position and results of operations of your organization for your governance, stakeholders, creditors, and private investors. Because these individuals hold different levels of risk tolerance, we have available three levels of service to meet your needs.
Three Levels of Service
01
Audit
Highest level of assurance
02
Review
Limited assurance
03
Compilation
Presented without assurance
Choosing the Right Report
From the highest level of service to the lowest.
It is important to understand the strengths and circumstances of each type of report. If you have any questions about which is appropriate for your business, don’t hesitate to reach out.
01
Audit
Highest Level of Assurance
A methodical review and objective examination of the financial statements, with verification of account balances, disclosures, and transactions, plus communication with third parties.
02
Review
Limited Assurance
Analytical procedures and inquiries of management that offer limited assurance — a strong middle ground with the rewards of a CPA’s technical skill, without the full work of an audit.
03
Compilation
presented without assurance
We present financial information that is the “representation of management” and express no opinion, relying on our knowledge of accounting and our understanding of you and your business.
01
Highest Level of Assurance
Audit
An audit is a methodical review and objective examination of the financial statements, including verification of specific information as determined by the auditor or established by general practice. After our thorough assessment, we issue an audit opinion as to whether the statements are fairly stated in accordance with generally accepted accounting principles.
Audits of Financial Statements
The highest level of quality assurance. A methodical, objective audit including an analysis of internal controls, testing of account balances, disclosures and selected transactions, and communication with third parties — concluding in an audit opinion on your financial statements.
Single Audits of Federal Awards
The federal government requires a compliance audit of school districts, local governments, not-for-profit organizations and others receiving federal grants in excess of the federal threshold. Commonly called a “single audit,” it is performed in conjunction with the annual audit.
Audits of Employee Benefit Plans
Federal requirements generally dictate that plans with 100 or more participants have an audit as part of filing IRS Form 5500. A quality audit protects the assets and integrity of the plan and helps ensure funds are available to pay promised benefits to your employees.
Audit Quality Memberships
02
Limited Assurance
Review
Less extensive than an audit, a review engagement is comprised of analytical procedures applied to the financial statements and numerous inquiries made of your management team.
From there we determine whether additional procedures are needed to evaluate matters inconsistent with our expectations or to obtain supporting information. A review may be a good middle ground, providing the benefits of a CPA’s technical skill without the work and expense of an audit.
03
presented without assurance
Compilation
When compiling financial statements, we present financial information that is the “representation of management” and express no opinion or assurance on the statements provided.
We rely on our knowledge of accounting and an understanding of you and your business, in relation to your accounting records, to compile the financial statements.
