The objective of an audit is to provide a reasonable basis for expressing an opinion regarding whether the financial statements, taken as a whole, are fairly presented in conformity with generally accepted accounting principles (GAAP) or an other comprehensive basis of accounting (OCBOA). An audit includes obtaining an understanding of internal controls, assessing control risk, and testing accounting records and responses to inquiries by obtaining corroborating evidence through inspection, observation or confirmation.
A review of financial statements includes making inquiries of management and performing analytical procedures to provide limited assurance as to whether or not the financial statements are in conformity with generally accepted accounting principles (GAAP) or an other comprehensive basis of accounting (OCBOA).
A compilation involves presenting management’s information in the form of financial statements without expressing any level of assurance.
Other Attestation Services
We can design attestation services to provide assurance relating to management’s assertions regarding financial or non-financial data. In “agreed-upon procedure” engagements, our examination or review work is targeted to address those items of interest to the end-users. We can also provide attestation services when an independent evaluation is needed to confirm whether an entity has complied with the requirements of laws, regulations, grants, contracts and internal controls.