ASSURANCE

Financial Statement Preparation

  • No assurance provided
  • Preparation of Income Statement, Balance Sheet, Stockholder's Equity and Cash Flows based on information provided by you
  • Useful for annual internal reviews or budgeting processes

Compilation Engagement

  • Lowest level of assurance - no opinion provided
  • Usage of accounting principles and an understanding of your business to present financial statements
  • Banks often require compilations for their lending covenants 

Review Engagement

  • Limited assurance - more than a compilation but less than an audit
  • Middle ground - the expertise of a CPA without the expense of an audit
  • Banks may require reviews for their lending covenants, parties in a purchase and sale agreement may require a review of the seller

Audit Engagement

  • Highest level of assurance
  • Comprehensive procedures performed 
  • All public companies, banks may require audits for their lending covenants, parties in a purchase and sale agreement

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