Financial Assurance: Audits, Reviews & Compilations
Financial statements help owners and managers make decisions and allow outside parties to evaluate the financial strength of an entity. When we provide assurance services, we strive to be much more than just an auditor or independent accountant offering a report on your financial statements.
Our aim is to develop a complete understanding of your business operations and goals, allowing us to make proactive recommendations and assist you in addressing business issues. Whether your business is located in the surrounding Albany area, or across the United States, we want to be your most trusted advisor.
Determining the Level of Service You Need
The American Institute of Certified Public Accountants (AICPA) has standards that allow CPAs to offer three traditional levels of assurance on financial statements. Those three levels of assurance include audits, reviews and compilations. We can help you determine which level of service best meets your needs:
- Audits—An audit entails understanding internal controls, outside verification of selected items and many other detailed procedures that allow us to render an opinion on the financial statements.
- Reviews—During a review, we make certain inquiries and perform analytical procedures that allow us to express limited assurance on the financial statements.
- Compilations—A compilation entails obtaining information from your staff and placing it in the form of financial statements, without expressing an opinion or assurance on them.
- Agreed Upon Procedures—In certain situations, instead of one of the traditional assurance services listed above, it may be advantageous for us to provide agreed-upon procedures or customized consulting services to achieve your objectives. We will help you evaluate the alternatives to determine the best way to meet your needs.
Think LCS&Z, L.L.P. if you are in need of the following:
- Forecasts & Projections
- Internal Control Assessment
- Fraud/Forensic Investigations
- Limited Scope Engagements