We provide independent audits of financial statements, to ensure our clients are in compliance with generally accepted accounting principles and internal Church bylaws, governing principles, accounting standards and government guidelines.
There are three levels of services regarding financial statements that are recognized by the AICPA: compilations, reviews and audits.
Compilations
Generally appropriate for privately held companies; often prepared for simple situations
Compilations require the least amount of work and are therefore less costly than a review or audit.
No assurance is provided to the user of the financial statements.
Purpose: To assist management in presenting financial information in the form of financial statements, without undertaking to provide any assurance that the statements are accurate.
Reviews
Often prepared for privately held companies due to requirements of outside third parties (e.g., banks, creditors). The third parties are looking for comfort that the financial statements are not materially misstated.
Reviews are more costly than compilations but substantially lower in cost than an audit.
The user of the financial statements is provided with a statement that the accountant is not aware of any material modifications that should be made.
Purpose: To obtain limited assurance that there are no material modifications that should be made to the financial statements.
Audits
Often prepared for companies due to requirements of outside third parties (e.g., banks, creditors). The third parties require an auditor's opinion on the financial statements.
Audits involve the most work and therefore the cost is substantially higher than that of a review or compilation.
The user of the financial statements is provided with an opinion from the auditor as to whether the financial statements present fairly, in all material respects, the company's financial position, results of operations and cash flows.
Purpose: To obtain a high level of assurance about whether the financial statements, as a whole, are free of material misstatement. This enables the auditor to express an opinion on whether the financial statements are presented fairly, in all material respects.
Do you have confidence in your financial reports?
Our audit specialists can guide you to the best choice for your needs and your budget.
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