Audits, Reviews & Compilations
When a business needs to take a new loan, renew a line of credit, or start a new relationship with a vendor or supplier, there is often a need to obtain verification about the company’s activities and financial position. To meet the requirements of creditors and lenders, a business is usually required to undergo an annual financial statement audit, compilation, or review. Each provides an increasing level of sophistication about the presentation and accuracy of financial statement information. For some, a financial statement compilation will be a one-time event, while others are required to undergo an audit on an annual basis.
Calvetti Ferguson has years of experience providing financial statement audits, compilations, and reviews to companies in Dallas, Houston, and across the United States. We have conducted dozens of financial statement audits and related assurance procedures that help businesses meet ongoing requirements. Our team is personally familiar with Generally Accepted Auditing Standards (GAAS) and designs the appropriate testing procedures to meet established benchmarks. In addition, our process is client-centric, and deadline-focused to ensure the best possible experience.
Financial Statement Assurance Services
- Financial Statement Compilations – This is the most basic type of financial statement service available. In a compilation engagement, the role of the accountant is simply to present the financial information provided by the client in a financial statement format. There is no testing of data to determine accuracy or validity and therefore no opinion about the condition of the information is provided.
- Financial Statement Reviews – This service provides limited assurance the financial information provided does not require any material modifications to comply with standard financial reporting frameworks. For most businesses, a review is used to ensure compliance with U.S. Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). However, it generally lacks the comprehensive testing and verification procedures found in an audit.
- Financial Statement Audits – An audit is an examination of a company’s financial statement, including disclosures, by an independent audit firm. The result of an audit is a report by the auditor which attests to the fairness of the presentation of financial statements. After the engagement, an auditor report will be issued that provides an opinion on the accuracy and fairness of the information presented.
Calvetti Ferguson works with mid-market companies, private equity firms, and high net worth individuals across the country. Regardless of the complexity of the compliance, assurance, advisory or accounting need, our team stands ready to assist you. Please complete the form below, and we will follow up with you shortly.