Business Assurance & Audits
The CPA profession's original mission was to provide assurance about the accuracy and completeness of financial statements. Today, we provide a great deal more, but audits and reviews continue to be services that only licensed CPAs can perform.
We have never lost sight of this unique role. When it comes to assurance services, Conner Ash offers:
- Integrity and timeliness
- Skilled professionals with experience in your industry
- Insightful testing and evaluation of your accounting controls and procedures
- An efficient approach that minimizes disruption to your operations
- Recommendations for improving your operations based on reliable tests and analysis
- Clearly communicated and understandable financial statements
Levels of Assurance
An audit provides the highest degree of assurance that an organization's financial statements accurately represent its financial position and are in compliance with Generally Accepted Accounting Principles (GAAP).
An audit requires a full objective examination of your accounting records, controls, procedures, and management practices. It also includes confirmation with outside parties, observation of inventories, and the testing of selected transactions by examining supporting documents.
Financial statement reviews may be necessary for organizations that need to report their financial position to third parties. A review provides a lesser degree of assurance than an audit, but it is more involved than a compilation because it involves an analysis of your financial management procedures. Additional inspection may be required if financial inconsistencies or other incorrect information is detected.
A review provides limited assurance that no material changes need to be made to the financial statements.
Compilations are useful to small, privately-held entities that need help in preparing their financial statements. With a compilation, a CPA prepares financial statements based solely on the data provided by the client's management.
No level of assurance is provided in a compilation. However, the presentation of data in this format is valuable for a business owner making management decisions because it provides a financial "snapshot" of their business.