Audits, Reviews & Compilations
Financial statements are prepared for a business owner’s use to manage their business and are frequently used to fulfill some lenders’ documentation for loans. Financial statements can be prepared monthly, quarterly, or annually. The difference between an audit, a review, and a compilation is the level of assurance the CPA is providing, from no or limited assurance to the highest level of assurance, which is an audit. Olsen Thielen’s Audit Department can help you decide which level of assurance you need. No matter which level you choose, compilation, review, or audit, you will receive timely, accurate, and understandable financial statements.
Audit of Financial Statements
An audit is an objective examination and evaluation of the financial statements of an organization to make sure that the financial records are a fair and accurate representation of the transactions they claim to represent.
Our Approach to Audit Procedures
Review of Financial Statements
A financial statement review is a service under which the accountant obtains limited assurance that there are no material modifications that need to be made to an entity’s financial statements for them to be in conformity with the applicable accounting framework (such as GAAP or IFRS).
Our Approach to Review Procedures
The notable difference between Review and Audit is a review does not include the review of systems nor does it include the confirmations and detailed audit testing. As such, only limited assurance is provided.
Compilation of Financial Statements
A compilation consists essentially of presenting information obtained from a client in financial statement format. There is no assurance being provided by the accountant.
Our Approach to Compilation Procedures
Contact a Specialist
Olsen Thielen’s Audit Department can help you decide which level of assurance you need. No matter which level you choose, compilation, review, or audit, you will receive timely, accurate, and understandable financial statements. Contact one of our specialists to discuss.