Skip to content

Audits - Reviews - Compilations

Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company.

Your stockholders, creditors, or private investors have different levels of risk tolerance, so we provide three levels of assurance to meet your needs.

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 information as determined by the auditor or as established by general practice.

Our work includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements.

An Audit allows you to...

  • Satisfy stakeholders such as employees, customers, suppliers, creditors and investors as to the credibility of financial information.
  • Comply with banking covenants.
  • Help deter and detect material fraud and error.
  • Facilitate the purchase and sale of businesses.

Review - Limited Assurance

A review is less extensive than an audit, but more involved than a compilation.

A review doesn't require us to study and evaluate your company's internal controls, verify data with third parties, or physically inspect assets. Rather, a review report expresses only limited assurance that the financial statements are in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures.

Compilation - Lowest Level of Assurance

In compiling financial statements for a client, we present information that is the representation of management and express no opinion or assurance on the statements. Compilations don't require the application of audit techniques.

Which Report Should You Use?

Each type of financial statement report may suit specific circumstances, depending on the requirements of the user.

Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you or complete the form below for a Free Consultation.

Name
Phone
Email
Best Time To Call
Comments
We take care of your books for you, so you can get back to the job of running your business and generating profits.
Learn More...
We offer a variety of services to help make sure that you are taking full advantage of Quickbooks' many features.
Learn more...
We're here to help you resolve your tax problems and put an end to the misery that the IRS can put you through.
Learn More...
We offer one-on-one guidance and a comprehensive financial plan that helps manage risk, improve performance, and ensure the growth and longevity of your wealth.
Learn More...

© The McInnis Company, CPAs, P.L. 2019