Satisfy Stakeholders, Creditors, and Investors with Our Auditing Services
While you may have kept a close eye on your books and have a high level of confidence that everything is accurate, that in and of itself might not be good enough for creditors, stakeholders, or private investors. It’s not personal, of course – they need third-party validation that your financial statements are completely accurate so that they don’t make unwittingly risky decisions.
Of course, not each institution that needs confirmation of the accuracy of your financial disclosures needs the same level of detail, which is why, beyond audits, we also offer Reviews and Compilations.
Each of these types of audits serve different functions, based on your specific situation, and our team is very capable of handling your needs wherever they fall. If you’re not certain what your business needs are, don’t hesitate to get in touch today for a free consultation. You can also read more about each type of audit below to give you a basic understanding of their purposes and the differences between them.
Audit, Review, or Compilation?
These three options are laid out according to the level of detail needed, with audits being the most involved and detailed, compilations being the least, and reviews being in-between.
An audit is a thorough review and examination of your financial statements, and we go to significant lengths to validate and confirm that everything is accurate and up to date.
That involves an internal review of your numbers, but we also go outside your business to verify transactions and other factors that could influence your finances. We speak with customers, bank, vendors, and your attorneys to ensure that everything matches up. We also inspect your physical assets to ensure that they are properly valued.
Ultimately, a full-blown audit allows you to completely satisfy stakeholders, ensure complete accuracy on your taxes (allowing you to avoid late penalties, interest, and investigations), comply with banking requirements, and validate your statements for the purchase or sale of your business.
Reviews are different from audits in a few ways. Mostly, the differences come down to the fact that we don’t look outside of your business to confirm the accuracy of records, unless we feel like it’s necessary. Generally, all of our worked is performed internally, as we assess and validate your statements so that we can make the official claim: “We are not aware of any material modifications.”
That allows you to be in compliance with the Generally Accepted Accounting Principles (GAAP), and can be a good option if you aren’t in need of a comprehensive audit.
Compilations are the least involved of the three procedures discussed here, and consist of a more informal internal review that only requires a general understanding of your business and how it works. We couple that with our thorough understanding of accounting best practices to make sure that everything lines up.
Oftentimes, these are required by banks as a confirmation of financial statements, and they’re the simplest option for business owners. Of course, if a compilation leads to greater questions about the accuracy of your financial statements, you can always take it to a review or a complete audit.
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Still Not Sure Which Is Right for Your Situation? We Can Help!
If you’re still not sure whether you need an audit, review, or compilation, don’t hesitate to get in touch for a free consultation. Our team is more than willing to help you understand what would be appropriate for your business situation and guide you in the right direction. There’s no reason to remain uncertain, so we encourage you to get in touch today.
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