Regardless of the level of assurance service provided, one fundamental concept remains the same—our understanding of your unique needs. By coupling our insight into your business with the level of assurance needed, we can more efficiently and effectively plan and perform the work.
An audit is the highest level of financial statement service that a CPA firm provides. Audit opinions are intended to provide reasonable assurance that the financial statements are presented accurately and in accordance with generally accepted accounting principles (GAAP). The CPA will issue 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.
A review engagement is conducted to provide limited assurance, primarily through the performance of inquiry and analytical procedures, that the accountant is aware of any material modifications that should be made to the financial statements for them to be in accordance with the applicable reporting framework.
The objective of a compilation is to assist management in presenting information in the form of financial statements without obtaining or providing assurance on that information. The compilation report is the first page before the actual financial statements and is written by the CPA on the firm’s letterhead.
For preparation services, the firm is engaged to prepare financial statements but not to perform an audit, review or compilation on those financial statements. The accountant is required to state that no assurance is being provided. No formal report issued on the financial statements.
“Joseph Lewis and Eric Bell’s wealth of expertise has helped countless early-stage entrepreneurs learn about business bookkeeping and tax considerations.”
- Ross Kanaga
Financial Innovation Manager, NEDCO