Compilation, Review, Audit, and Other Services

Compilation, Review, Audit, and Other Assurance Services

Our firm provides professional compilation, review, and audit services to businesses and other organizations of all sizes including construction and not-for-profit. We can quickly compile your financial records into meaningful GAAP compliant financial statements for use by banks, investors, and other third parties. We offer limited-scope review testing and can deliver complete audit attestation engagements including:

 

Compilation – We can assist you in professional preparation and presentation of financial statements based on information you provide. Compiled financial statements can include or omit footnote disclosures based on the user and their needs. Compilations do not provide assurance, like a review or audit, as to whether material, or significant, changes are necessary for the statements to be in conformity with generally accepted accounting principles – the set of rules regarding financial accounting and reporting.

 

Review – Reviewed financial statements are very useful in providing full disclosure of all material aspects of your business, its financial position, and operations. A review provides limited assurance that no material changes need to be made to the financial statements and falls between a compilation, which provides no assurance, and the more extensive assurance of an audit. In a review, we apply inquiry and analytical procedures to financial statements to determine if they are reasonable. Essentially, a review is designed to see whether the financial statements “make sense” without applying audit-type tests.

 

Audit – In an audit, the auditor renders an opinion about whether the financial statements are fairly presented in accordance with a specified basis of accounting and offers the highest level of assurance to outside parties. An audit involves evaluating internal controls, testing financial transactions, confirming account balances with third parties, and other substantive procedures. Although audits are generally performed to meet creditor, regulatory or other requirements, an audit report also provides information that can be valuable to management. An important aspect of our audits is the communication at the end of our audit that provides suggestions for improvements in controls or operations.

 

Fraud Investigation – If you suspect fraud in your company or have received allegations of fraud, a review of specific accounts and/or transactions may be needed. Our firm can provide these services in a professional and confidential manner.

 

Agreed-Upon Procedures - In addition to the above attest services, we can perform specific procedures to financial or non-financial information based on your needs. Let us work with you to identify specific procedures that focus on a particular item or area of financial or non-financial information. This service typically has a narrow focus and is less expensive than other attest services we offer.

 

Internal Controls – We can also provide an independent evaluation of your business processes and systems to determine the efficiency and effectiveness of your operating procedures, assessment of internal controls to ensure proper handling of resources and to protect against employee theft and develop a remediation plan to strengthen controls and help your company become stronger and more profitable by correcting any inefficient or ineffective operating procedures.

Policies and Procedures - Documented policies and procedures are important because they provide day-to-day guidance to your staff and continuation of duties in the event of prolonged employee absences or turnover. Our firm can review existing policies and procedures, perform business process improvement evaluation, and provide suggestions for improvements to make your processes more efficient and effective. If new policies or procedures are required, we can work closely with designated personnel to develop, document, and implement policies and procedures.

Contact us at info@figercpa.com for further information on compilation, review, audit, and other assurance services.