Levels of Service
An audit provides the highest degree of assurance that your organization’s financial statements are accurate and in compliance with Generally Accepted Accounting Principles (GAAP). The process is very thorough, and when concluded, we’ll provide an audit report stating the accuracy of your financial statements.
All accounting firms are required to follow generally accepted auditing standards. We go above and beyond the standards by using a team approach, executing efficient audit techniques, and involving our firm’s Principals and senior-level professionals.
Phase I: Planning
- Develop preliminary audit plan
- Schedule audit
- Document and analyze internal controls and accounting systems
- Perform risk assessment
- Prepare audit plan to address risks
Phase II: Fieldwork & Testing
- Perform testing of audit areas based on results of risk assessment
- Analyze financial statements and determine if they are fairly based
Phase III: Reporting
- Review draft and final reports
- Assist in resolution of audit findings
- Formally present financial statements, management report, and audit opinions
While not as thorough and extensive as an audit, a review provides a professional analysis of your organizations financial management procedures. It will deliver limited assurance that you have no accuracy issues. A review is generally appropriate when you are obligated to provide financial information to a third party.
In a compilation, our team will prepare financial statements based solely on the information you provide. We will recommend adjustments if something seems incorrect, but we can’t offer any level of assurance that your financial statements are in compliance with GAAP. A compilation is useful when your business needs a financial overview in order to make organizational decisions.