Business Advisor, May 201201-May-2012
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Financial Statement Assurance Services
Click to Email us or Call (916) 782-8500
We provide financial statement assurance services at the compilation, review and audit levels.
While some would argue that “an audit is an audit”, our financial statement assurance services are not a commodity to our clients.
In performing assurance services, we seek to provide practical and constructive advice and recommendations to our clients aimed at improving their internal operations and maximizing profitability. With each engagement, we provide our clients with a customized performance report that uses ratio and trend analysis as well as industry comparisons to analyze the financial health of their business.
To see examples of these Performance Reports click on either link below:
Non Profit Performance Review
Business Performance Review
Each of the three levels of assurance services are useful in specific situations:
An Audit is the highest level of service involving a critical review and selected independent verification of financial information. The audit results in an independent, professional opinion from a certified public accountant attesting to the fairness and accuracy of your financial statements and the representations they contain.
Audits are often necessary to comply with the requirements of lending institutions, suppliers, regulatory agencies or others who rely heavily on the information contained in your financial statements. Audits provide the “highest level of assurance” about the reliability of your financial statement, and offer an assessment of your operational systems from an objective source with knowledge and experience in your industry.
A Review is an evaluation of your company’s financial statements using management inquiries, analytical procedures, and our knowledge of the industry and your business. The scope of a review is less than an audit, but it provides “limited assurance” that nothing came to our attention requiring modification.
A Compilation requires the assembling of financial data from your accounting records and presenting, in the form of financial statements, information that is the representation of management (owners) without undertaking to express any assurance on the statements. The information gathered may also help in determining your need for additional accounting services. A compilation will provide the assistance needed to prepare meaningful financial statements.
For more information on our Financial Statement Assurance Services, email Bill Simi at wsimi@cpacorporporation.com, call 916-782-8500 or simply click here.