Financial Statement Audits, Reviews and Compilations
Reporting on the accuracy of your financial information
The accuracy of your financial statements and the validity of the information it contains is fundamental for the success of your organization and the ongoing support of lenders, regulatory authorities, shareholders, and stakeholders.
To fulfill requirements and standards for an audit, review, or compilation, it’s necessary to engage a CPA firm that has made necessary investments in technology, tools, continuing education, and certifications.
The attestation process begins with identifying the exact type of service you require:
Audit:
- Intended to provide creditors, investors, federal and state agencies, and other outside parties with a high level of comfort on the accuracy of financial statements
- CPA firm issues a formal report that expresses an opinion on whether the financial statements are presented fairly, in all material aspects, in accordance with the applicable financial reporting framework
- Typically appropriate and often required when meeting governmental regulations, seeking high levels of financing or outside investors, or when selling a business
- Will identify material weaknesses and set the stage for discussions, insights, observations, and guidance for their resolution
Review:
- Intended to provide lenders and other outside parties with a basic level of assurance on the accuracy of financial statements
- Typically appropriate as a business grows and is seeking larger and more complex levels of financing and credit
- CPA firm issues review report
Compilation:
- Intended for use by lenders and other outside parties who may not require assurance on the accuracy of financial statements
- Typically appropriate when initial or lower amounts of financing or credit are sought, or significant collateral is in place
- CPA firm issues compilation report
Solutions
For a discussion of which type of attestation is right for your situation or needs, please contact Meagan Wellbrock, Audit & Attestation Service Line Leader, here for a complimentary, no-cost or obligation consultation.
Industries
Adams Brown provides audit, review and compilation services for companies or organizations in the following industries:
Testimonials
Financial Statement Audits, Reviews and Compilations Team Leader:
Meagan Wellbrock
Contact Us: