We work with you to understand your business, complete the compilation, and assist with presenting financial information in the form of financial reports.
Assurance services are a category of professional services provided by accounting firms to enhance the credibility and reliability of financial information. The primary goal of assurance services is to provide assurance or confidence to stakeholders about the accuracy and reliability of financial statements and other information. Here are key points related to assurance services:
Financial Statement Audit: The most well-known form of assurance service is the financial statement audit. This involves an independent examination of a company’s financial statements by a certified public accountant (CPA) to express an opinion on whether the financial statements are presented fairly in accordance with accounting standards.
Review Engagements: In a review engagement, accountants perform analytical procedures and make inquiries to provide a limited level of assurance on the financial statements. While less extensive than an audit, a review provides some level of confidence to users of the financial statements.
Compilation Services: Accountants may also provide compilation services where they assist in presenting financial information in the form of financial statements without providing any assurance on the information’s accuracy.
Internal Auditing: Assurance services can extend to internal auditing, where internal auditors within a company assess and provide assurance on the effectiveness of internal controls, risk management, and compliance with policies and procedures.
Forensic Accounting: Forensic accountants provide assurance in the context of investigating financial irregularities, fraud, and other financial crimes. Their work often involves gathering evidence for legal proceedings.
Compliance Audits: Assurance services can include compliance audits where the auditor examines whether an entity is adhering to specific laws, regulations, or contractual agreements.
Risk Assessment: Assurance services may involve assessing and providing assurance on an organization’s risk management processes, helping stakeholders understand how well risks are identified, assessed, and managed.