![]() ![]() In compiling financial statements for a client, we present information that is the "representation Why might a business request a review engagement? It can be a good middle ground, providing the advantages ofĪ CPA's technical expertise without the work and expense of an audit. Required footnotes and other disclosures. Reviewed financial statements must include all Statement: "We are not aware of any material modifications" for the financial statements to be inĬonformity with the Generally Accepted Accounting Principles (GAAP). Rather, a review report expresses limited assurance in the form of the If the financial statements or supporting information appear inconsistent or otherwise questionable, we may needĪ review doesn't require us to study and evaluate your company's internal controls or verify data with third Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily ofĪnalytical procedures we apply to the financial statements, and various inquiries we make of your company's management Investment firms, or individuals who no longer run the business) may order audits as checks of their management ![]() Also, companies with absentee ownership (such as those owned by Moreover, some financial institutions require audits of nonpublic companies based on the financing amountĪnd/or the bank's assessment of the company's risk. These include local governments, not-for-profit agencies and other organizations receiving government Our audit papers include a detailed work program to document the examinations and testing performed, as wellĪll public companies are required to have an annual audit, but some nonpublic entities must undergo an annualĪudit as well. Weĭocument and test each operating cycle, including sales and cash receipts, expenses and cash disbursements, and We also perform physical inspections by observing your inventory counting methods and perform test counts.
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