When system-generated financial reports are not enough for your internal use, or for the use of your bankers or other inquiring entities, the American Institute of Certified Public Accountants has established standards for various levels of assurance services suited to the unique needs of business entities.
- Compliations represent the lowest form of assurance, and generally consist of presenting a business entity's financial information in a meaningful way without confirming whether the information presented is accurate. While we adhere to the applicable standards in preparing compilations, we recognize that our clients see the value in the extra work we do to familiarize ourselves the activity within the period even though this is not a requirement in compiling financial statements.
- Reviews represent the next form of assurance, and provide a higher level of assurance than compilations, but a different kind of assurance than an audit. Reviews typically consist the same level of professional work as compilations with the addition of inquiries and analytical procedures. Reviews are typically chosen by a business as the appropriate level of assurance due to banking institution or regulatory requirements.
- Our firm does not currently offer financial statement audit services. We do, however, offer Statements on Controls 1 (SOC1) services with standards defined within the auditing standards. SOC1, formerly known as Statements on Auditing Standards 70 (SAS 70), represent audits of a business entity's design and effective implementation of internal controls over financial reporting. SOC1 audit services are typically requested by service organizations providing significant services to user organizations.
- Agreed-Upon Procedures engagements are attestation services that provide assurance that certain representations by management could be verified by performing certain procedures as specified by management. Agreed-Upon Procedures engagements are relatively free-form engagements that can be tailored to meet regulatory or internal requirements.
We offer a FREE initial Consultation for potential new clients. Email or call us today at 407 629-9995 regarding our accounting and tax services.