Audits

Audit is a critical service for any business. And that's because the review of your internal controls will not only help you reduce errors and systematize your business to increase its value, but will ensure you are running every department in your business effectively. In other situations lenders, suppliers, investors, governmental entities or other regulatory bodies require audited historical financial statements. As part of this process it's important to recognize that every business is unique; therefore, we'll look at your overall operation, and consider the financial requirements you have and the related audit processes we'll need to undertake.

Our rigorous audit systems and highly experienced, specialist Audit team will work with you so that you can rest assured you're meeting all requirements.

Reviews and Compilations

While audits present a high level of assurance regarding the accuracy of financial statements, at the small and medium-sized business level they are often not a requirement. More often than not, a lending institution or other reader of financial statements will be satisfied with CPA compiled or reviewed financial statements. A review is substantially less involved than an audit. No assessment of internal controls is undertaken. The financial statements are no different with respect to disclosure but the level of assurance given by the CPA is significantly less. Clients often choose to have their financial statements reviewed when nothing more is required so that they have confidence that they are presenting their results accurately, but wish to save the significant additional expense of having an audit conducted. A compilation provides the least amount of CPA assurance. Often footnote disclosures are omitted. The statements are appropriate in form but the CPA has done little if no work in addressing the accuracy of the results presented. Again, clients who choose a compilation are often doing so because that is the minimum requirement of a lender or other reader.