We provide financial reporting on Assurance Services, Non-Assurance Services, and Non-Attest Services:
Audit-This is the highest level of assurance. The CPA plans and performs the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. The CPA selects procedures based on his or her judgment. Such procedures may include inquiry, physical inspection, observation, third-party confirmation, examination and other procedures. If you need a high level assurance that financial statements are free of material misstatements, consider obtaining this service.
Review– In a review of financial statements, the CPA seeks to obtain limited assurance as a basis for reporting whether the CPA is aware of any material modifications that should be made to the financial statements in order for them to be presented in accordance with an applicable financial reporting framework. A review is substantially less in scope than an audit, and often is performed for privately held companies that are required to provide financial statements to outside parties such as banks, creditors, or potential purchasers.
Non-Assurance Services
In non-assurance services, CPAs issue reports that do not express an opinion or conclusion on the subject matter (for example, financial statements).
Agreed-Upon Procedures -A CPA is engaged by a client to issue a report of findings based on procedures agreed upon between the CPA and specified parties at the outset. In an agreed-upon procedures engagement, the CPA issues a report, but does not express an opinion or a conclusion on the subject matter.
Compilation-The CPA applies accounting and financial reporting expertise to assist his or her client in the presentation of financial information, but the CPA does not seek to obtain or provide any assurance that there are no material modifications that should be made to the financial statements. Additionally, the CPA is required to determine if he or she is independent of the client, and the CPA will include this determination in a report issued in accordance with the AICPA Statements on Standards for Accounting and Review Services (SSARSs).
Non-Attest Services
Preparation Services-A CPA uses his or her knowledge of the client business to prepare financial statements in accordance with the AICPA Statements on Standards for Accounting and Review Services (SSARSs). Those standards do not require the CPA to determine if he or she is independent of the client, nor is the CPA required to issue a report on his or her services. I