Audits & Assurance

Financial Statements

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.

Articles & News

PODCAST: In our inaugural episode of Q&A Over Coffee, the Olsen Thielen team and Doug Loon, President & CEO of the Minnesota Chamber of Commerce, explore the new landscape of economic uncertainties facing business owners today. Topics covered include potential implications of new proposed tax legislation, workforce changes, increased financing
As of July 1, 2023, Minnesota will prohibit employers from requiring employees to sign non-compete agreements restricting their employment options upon termination.
Shortages in accountants and increasing workplace demands for remote options are forcing organizations to take a closer look at their software and technology platforms and are strongly suggesting a push to cloud accounting platforms.

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