Compilation, Review, & Audit

Compilation services – A service, the objective of which is to present in the form of financial statements, information that is the representation of management (owners) without undertaking to express any assurance on the statements.
Review services – A service, the objective of which is to express limited assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in conformity with generally accepted accounting principles (or an other comprehensive basis of accounting)
Audit services – A service, the objective of which is to express an opinion on the fairness of the presentation of financial statements in accordance with generally accepted accounting principles (or an other comprehensive basis of accounting)
Financial statement preparation services – A service, where we assist you in the preparation of your financial statements.
Basis of accounting – A set of accounting policies followed in the preparation of financial statements
Full financial statement with disclosures – A complete set of financial statements including a balance sheet, statement of income, statement of retained earnings, statement of cash flows, and notes to the financial statements.  (Statement names may vary based on the type of entity and the basis of accounting followed in the financial statement preparation)
Financial statements without disclosures – A complete set of financial statements as stated above that excludes the notes to financial statements.
Determining the level of services required by your organization.
The level of services required for your organization will directly affect the time necessary to complete an engagement and its cost.  Therefore, it is in your best interest to determine the appropriate level of services necessary to satisfy the needs of your organization.
Who will use the financial statements?
Are they requiring a specific level of assurance by an independent accounting firm?
Are they specifying the basis of accounting to follow in preparation of the financial statements?

Compilation services – A service, the objective of which is to present in the form of financial statements, information that is the representation of management (owners) without undertaking to express any assurance on the statements.

Review services – A service, the objective of which is to express limited assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in conformity with generally accepted accounting principles (or an other comprehensive basis of accounting)

Audit services – A service, the objective of which is to express an opinion on the fairness of the presentation of financial statements in accordance with generally accepted accounting principles (or an other comprehensive basis of accounting)

Financial statement preparation services – A service, where we assist you in the preparation of your financial statements.

Basis of accounting – A set of accounting policies followed in the preparation of financial statements

Full financial statement with disclosures – A complete set of financial statements including a balance sheet, statement of income, statement of retained earnings, statement of cash flows, and notes to the financial statements.  (Statement names may vary based on the type of entity and the basis of accounting followed in the financial statement preparation)

Financial statements without disclosures – A complete set of financial statements as stated above that excludes the notes to financial statements.

Determining the level of services required by your organization.

The level of services required for your organization will directly affect the time necessary to complete an engagement and its cost.  Therefore, it is in your best interest to determine the appropriate level of services necessary to satisfy the needs of your organization.

Who will use the financial statements?

Are they requiring a specific level of assurance by an independent accounting firm?

Are they specifying the basis of accounting to follow in preparation of the financial statements?

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