Attestation Services

Why might your business need attestation services? In today’s economic environment, lenders, regulatory bodies, non-management owners and other interested parties (such as suppliers or leasing companies) are increasingly requesting at least limited assurance regarding a business’s financial statements by an unbiased third party. We provide financial statement review and compilation services to fill that need.

 

What to expect from an audit:

  • The objective of an audit is to express an opinion on your financial statements.

  • An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.

  • The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.  In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.

  • An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

What to expect from a review:
 

  • The objective of a review engagement is to obtain limited assurance that there are no material modifications that should be made to the financial statements.

  • A review includes applying analytical procedures to your financial data and making inquiries of company management.

  • A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole.

  • A review does not contemplate obtaining an understanding of the company’s internal control; assessing fraud risk; testing accounting records by obtaining sufficient appropriate audit evidence through inspection, observation, confirmation, or the examination of source documents (for example, cancelled checks or bank images); or other procedures ordinarily performed in an audit.

     

What to expect from a compilation:
 

  • The objective of a compilation is to assist you in presenting financial information in the form of financial statements based on information provided by you.

  • A compilation differs significantly from a review or an audit of financial statements, because it does not contemplate performing inquiry, analytical procedures, or other procedures performed in a review.

  • Additionally, a compilation does not contemplate obtaining an understanding of the entity’s internal control; assessing fraud risk; testing accounting records by obtaining sufficient appropriate audit evidence through inspection, observation, confirmation, or the examination of source documents (for example, cancelled checks or bank images); or other procedures ordinarily performed in an audit.

What to expect from an agreed upon procedures engagement:

  • Many client’s request traditional accounting or audit services. Some, however, have specific needs (for example, a demand by a potential lender, regulatory authority, stockholder, or absentee owner) that cannot be met by the traditional preparation, compilation, review, or audit of financial statements. In those cases, a nontraditional engagement will often provide the best alternative.

  • A big advantage of an agreed upon procedures engagement is the practitioner’s added flexibility to provide what the client needs by working with the client to develop the needed procedures.

  • The agreement for the procedures performed or to be performed and the sufficiency of the requested procedures is solely the responsibility of the specified party of the report.  The agreed upon procedures do not constitute an examination or review and no opinion is expressed.

  • A written report is issued upon completion of the engagement that lists the procedures performed and our findings.

These services are conducted in accordance with the American Institute of CPA’s as required for licensed CPA’s.

Locust Hill, VA

P (804) 758-0526  F (804) 758-9511

Williamsburg, VA

P (757) 903-4403  F (757) 903-2477

Gloucester, VA

P (804) 654-8486  F (804) 758-9511

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