We offer three levels of financial statement assurance services – audits, review, and compilation. Understanding the advantages and disadvantages of each level of assurance can help you choose the most appropriate one to fit your needs.

We have presented a basic outline of the three levels of assurance below. Please contact us and we will help determine which option is right for you.

Audit

An audit provides the highest level of assurance, the primary objective of which is to develop an opinion on the fair presentation of the financial statements. Alderwish CPA, PLLC utilizes a risk-based audit approach to develop an audit strategy and comply with generally accepted auditing standards and objectives. Our work includes gaining an understanding of your business, including internal controls, testing selected transactions and communicating with third parties. Based on our findings, we issue a report on whether the financial statements present fairly, in all material respects, the financial position of the company. As part of the audit process, we will communicate to management and those charged with governance any deficiencies in internal controls as well as make recommendations to strengthen your company’s operational efficiency.

Review

The objective of a review engagement is to obtain limited assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in accordance with generally accepted accounting principles. A review is less extensive than an audit, but more involved than a compilation. A review engagement consists primarily of analytical procedures and inquiries of management. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures. A review does not entail an in-depth evaluation of your company’s internal controls or verification of data with third parties. Reviewed financial statements must include all required footnotes and other disclosures.

Compilation

We are often engaged to compile financial statements with no opinion or assurance, known as a compilation. Compilations do not require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business in order to compile the financial statements.

Ready to come in for an appointment?

Our schedule is very full…but if you call us at (313) 581-8220 or email us we’ll give you two options for coming in right away! We will NOT make dealing with a tax professional as painful as it’s been in the past!