Providing assurance for you—and potential investors—that your financial statements are reliable and accurate.
Financial statements that are accurate and make sense provide visibility into how a business is performing and enable leadership to more precisely evaluate a company’s financial position. They are the foundation of any number of business decisions and often a strict requirement if a company wants to increase a line of credit or apply for additional financing.
Finding an accountant that has the knowledge, expertise and skill set necessary to formulate appropriate inquiries is critical. Following are the three levels of assurance services CR&Y can perform:
Compilations involve presenting information in the form of financial statements without expressing any assurance on them. During a compilation engagement, the CPA is not required to verify or corroborate the amounts included in the financial statement presented by the client.
During a review, an accountant is required to make inquiries of the client and perform analytical procedures related to the amounts and disclosures in the financial statement. By performing inquiry and analytics, the accountant provides limited assurance that there is no material modification that should be made to the financial statement. A review typically does not require tests of accounting records or the need to obtain corroborating evidential matter.
Audits provide the highest level of assurance. The difference between an audit and other financial statements is that the auditor is required to corroborate the amounts and disclosures included in the financial statements in a test of accounting documents, physical inspection and the use of third party confirmations or other procedures deemed appropriate.
The auditor’s report gives an opinion that the financial statements present fairly in all material respects, the financial position of the company and the results of operations in conformity with accounting principles. Generally accepted in the United States of America or on the other comprehensive basis of accoutning.
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