Assurance Services

Assurance services are essential for organizations and require expert knowledge. They are available to private enterprises across various sectors and non-profit entities. Our services cater to different needs, including conducting reviews or compilations of financial statements to provide the necessary level of assurance for stakeholders like investors, lenders, or donors. We adhere to the highest standards in the industry, regardless of the specific services you require.

Reviews and Compilations
Investors, lenders, and private stakeholders often seek confirmation that a company's financial statements truthfully reflect its financial status. Given the varied risk tolerances among these groups, we offer two distinct levels of assurance.

Review
A review involves analytical steps and inquiries directed at a company's management regarding its financial statements. Should any inconsistencies or concerns arise, further actions may be undertaken.

Unlike an audit, a review does not evaluate a company's internal controls, verify information with external parties, or conduct physical inspections of assets. Instead, it provides limited assurance, stating that no known significant alterations are needed for the financial statements to align with Generally Accepted Accounting Principles (GAAP). Such financial statements include all necessary footnotes and disclosures.

Opting for a review offers a balance, leveraging a CPA's expertise without the need for the extensive efforts and costs associated with an audit.

Click & Learn

Compilation vs. Review

Assurance Levels Explained

SMEs Need Reviews Too

Compilation and Review Cost

Qualifications for Services

Compilation vs. Review

Myth

Compilation and review services are essentially the same.

Fact

Although both compilation and review services involve financial statements, they differ significantly in scope and assurance.

Assurance Levels Explained

Myth

Compilation and review services include audit-level assurance.

Fact

Neither compilation nor review services provide the high level of assurance associated with an audit.

SMEs Need Reviews Too

Myth

Only large companies need compilation and review services.

Fact

Small and medium-sized enterprises (SMEs) can also benefit significantly from these services.

Compilation and Review Cost

Myth

Compilation and review services are excessively expensive.

Fact

These services are generally less costly than an audit because they are less comprehensive in scope and involve less detailed procedures.

Qualifications for Services

Myth

Any accountant can perform compilation and review services.

Fact

While many accountants can perform these services, they should be performed by a CPA (Certified Public Accountant) or a similarly qualified accountant who follows specific standards and ethics required for such services.

Adult Day Care Coverage

Risk Factors

You may have to pay them for their services from your pocket if you hire a caregiver.

Solution

Policies may cover community care, which usually means adult day care, so you don’t need to pay them all by yourself.

Modifications to House Coverage

Risk Factors

You may need to build a wheelchair ramp for one of your family members because of their medical conditions.

Solution

Some policies may even pay benefits to family members who act as caregivers or cover home modifications, such as adding wheelchair ramps or installing safety devices.

Compilation
When compiling a client's financial statements, we present the data as a management representation without giving any opinion or assurance. This process does not involve management inquiries or analytical procedures; instead, it relies on our understanding of accounting principles and knowledge of your business.

Compilations are often a requirement from banks as part of their lending agreements.

Choosing the Right Report

Each type of financial statement serves different situations, based on what is required by your bank or other stakeholders, and can also align with your budgetary constraints.

Knowing the distinct advantages and limitations of each report type can assist in making an informed decision on the most suitable option.

For guidance on selecting the appropriate report type for your needs, consider contacting us for a professional consultation.

Assurance Services

Assurance Services