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Audits, Reviews and Compiled Financial Statements – What is the Difference?
Audited Financial Statements
Depending on your needs, Heath, Fania & Co., PC is able to provide a high-quality audit which goes beyond the standard assurance. Our audit goes above and beyond by providing recommendations about the business processes that we have observed at your organization to help you achieve your success.
During the audit process we:
If your business does not need an audit, we can also provide financial statement reviews and compilations.
Reviewed Financial Statements
A review is a procedure much less in scope than an audit but still provides your business with limited assurance. Our firm expresses this limited assurance by stating that we are not aware of any material modifications that should be made to the financial statements in order for them to be in conformity with Generally Accepted Accounting Principles. In issuing our report, we perform sufficient inquiry and analytical procedures to give a reasonable basis for that conclusion; but we do not independently verify the accuracy of the data.
Compiled Financial Statements
Compiled financial statements generally provide even fewer representations than reviewed statements. The data going into a compiled statement is not verified or reviewed. The standard compilation report states that we do not express an opinion or other form of assurance of the financial statements. However, we do obtain a general understanding of the nature of your business transactions and the form of your accounting records, the accounting basis on which the financial statements are presented, and the form and content of the financial statements.