Audit - Highest Level of Assurance
Our audit is
undertaken with precise service commitments in mind. These commitments underpin
every aspect of the way we manage your audit, enabling us to utilize our
resources in the most efficient way so as to provide you with an exceptional
audit service.
Our service is
based on eight principles that form the basis of our audit framework. How they
benefit you is described below:
ˇ Planning to
exceed your expectations by delivering an audit service that provides the
greatest benefits to you
ˇ Ensuring
effectiveness by assessing risk properly and planning the appropriate
combination of work, to reach robust audit opinions
ˇ Maximizing
efficiency by delivering our audit on time, to plan, and to budget
ˇ Managing
risk effectively by identifying and mitigating risk to an agreed level
ˇ Developing
our people by giving them the support and opportunities they need to generate
value for you
ˇ Using
technology effectively by maximizing teamwork, communication, and efficiency
through improved knowledge management and accessibility
ˇ Communicating
continuously by remaining accessible and responsive to you throughout the
engagement and pre-empting your needs
ˇ Evaluating
our performance by holding ourselves accountable and constantly identifying
areas for improvement.
These
principles form the framework for our audit service to you, and each team
member is committed to their application throughout our engagement.
Review -
Limited Assurance
Less extensive than an audit, but more
involved than a compilation, a review engagement consists primarily of
analytical procedures we apply to the financial statements, and various
inquiries we make of your company's management team. If the financial
statements or supporting information appear inconsistent or otherwise
questionable, we may need to perform additional procedures.
A review doesn't require us to study and
evaluate your company's internal controls or verify data with third parties or
physically inspect assets. Rather, a review report expresses limited assurance
in the form of the statement: "We are not aware of any material modifications"
for the financial statements to be in conformity with the Generally Accepted
Accounting Principles (GAAP). Reviewed financial statements must include all
required footnotes and other disclosures.
Why might a business request a review engagement?
It can be a good middle ground, providing the advantages of a CPA's technical
expertise without the work and expense of an audit.
Compilation
- Lowest Level of Assurance
In compiling financial statements for a
client, we present information that is the "representation of
management" and expresses no opinion or assurance on the statements.
Compilations don't require inquiries of management or analytical procedures.
Instead, we rely on our knowledge of accounting principles and a general understanding
of your business.
Banks often require compilations from an
independent CPA as part of their lending covenants.
