At Prince CPA Group, we offer comprehensive Attestation Services to provide independent assurance of the reliability of your company’s financial statements. Our team of certified public accountants (CPAs) conducts thorough reviews and examinations to deliver attestation reports with clear conclusions about the accuracy and integrity of your financial data. We can report on multiple bases of accounting to include Generally Accepted Accounting Principles (GAAP) basis.
Our Attestation Services encompass three levels of assurance to meet the diverse needs of our clients:
Audit – Highest Level of Assurance:
An audit involves meticulously examining and verifying the financial statements, internal controls, and selected transactions. Our team communicates with third parties, such as customers, banks, vendors, and attorneys, to gather additional information and validate the accuracy of the financial data. We perform physical inspections and detailed testing to ensure compliance with accounting principles and detect material misstatements in accordance with Generally Accepted Auditing Standards.
Audits provide the highest level of assurance and are essential for satisfying stakeholders, facilitating tax compliance, complying with banking covenants, detecting fraud, and facilitating business transactions.
Review – Limited Assurance:
A review engagement involves analytical procedures and inquiries directed at the management team to assess the consistency and reliability of the financial statements. While less extensive than an audit, reviews offer more assurance than compilations. Our review reports express limited assurance regarding the conformity of the financial statements.
Reviews serve as a middle ground, providing valuable insights into financial performance without the extensive work of an audit.
Compilation – No Assurance:
Compilations involve presenting financial information based on management’s data without expressing opinions or assurance. While compilations do not require inquiries or analytical procedures, they provide valuable financial statements suitable for internal use or sharing with stakeholders such as banks.
Banks often require compilations from independent CPAs as part of their lending covenants.
Choosing the appropriate type of financial statement report depends on specific circumstances, regulatory requirements, and budgetary considerations. Our team is here to guide you through the process and help you select the most suitable option for your business needs.
