Audit, Review and Compilation
Stockholders, creditors, regulatory bodies, and private investors require assurance that financial statements accurately represent the true financial position of a company yet their tolerances may vary. Kutas & Associates, P.C. provides three levels of assurance to meet your needs.
AUDIT (Highest Level of Assurance)
The objective of an audit is to express an opinion about whether the financial statements are fairly presented in conformity with the applicable financial reporting framework that is used by the entity. The auditor has a responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud. The auditor plans, conducts, and reports the results of the audit in accordance with generally accepted auditing standards (GAAS).
An Audit allows you to:
REVIEW SERVICES (Limited Assurance)
A review is less extensive than an audit, but more involved than a compilation. The objective of a review is to obtain limited assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in conformity with the applicable financial reporting framework.
A review consists of analytical procedures applied to the financial statements and inquiry of accounting personnel and management in addition to procedures that we determine are necessary to support our limited assurance.
A business may choose to obtain reviewed financial statements to reduce the time and expense of audited financial statements, while still obtaining limited assurance.
COMPILIATION SERVICES (No Assurance)
A compilation differs significantly from an audit or a review, as it does not contemplate performing procedures that would be conducted during those services. The objective of a compilation is to assist management in presenting financial information in the form of financial statements without obtaining or providing any assurance that there are no material modifications that should be made to the statements in order for them to be in conformity with the applicable financial reporting framework.
A compilation may be applicable where financial statements are prepared for the use of management/owners, for income tax purposes, or for third parties in which assurance expressed by the CPA is not necessary.
Please complete the form below or call us to schedule a consultation related to our audit, review, and compilation services.
At Kutas & Associates, PC, we have been fulfilling the accounting and tax needs of clients throughout Michigan for years. If you need help managing any aspect of your personal or business finances, we want to hear from you!
Please fill out this form or call and let us know how we can be of service. We will schedule an initial consultation to determine how we can best serve you.
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