Audits, Reviews and Compilations
Banks, creditors, donors, governmental entities, and investors often need assurance that the financial statements accurately represent the true financial position of a company. We provide three levels of assurance to meet the needs of you and your stakeholders.
Which Report Should You Use?
Each type of financial statement report may suit specific circumstances, depending on requirements from your bank or other parties. Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one.Contact us for a FREE initial consultation and we'll help you decide what kind of report is right for your business.
Audit - Highest Level of Assurance
An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific accounting documents and information as determined by the auditor or as established by AICPA professional standards. Our work includes:
- Review of internal controls
- Testing of selected transactions
- Communication with third parties
Review - Limited Assurance
Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company's management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.
Compilation - Lowest Level of Assurance
In compiling financial statements for a client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements. Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.
Compilation reports are required to be prepared every time that a CPA provides financial statements to a third-party.
Williams and Samuel Assurance Services:
- Audits of Private Companies
- Audits of Governmental Entities
- Audits of Non-Profits
- Audits of Benefit
- Internal Audits
- Sarbanes-Oxley Services and Compliance