Audit & Attestation
Audit Engagements
Our audit services provide the highest level of assurance on financial statements. We perform independent procedures in accordance with applicable professional standards to obtain reasonable assurance that the financial statements are free from material misstatement. Our approach combines rigorous audit methodology with an understanding of your business, risks, and financial reporting environment.
Review Engagements
A review engagement provides a level of assurance between an audit and a compilation. We perform analytical procedures and make inquiries of management to provide limited assurance that no material modifications should be made to the financial statements. Review engagements are often appropriate for businesses seeking credible financial statements without the scope and cost of a full audit.
Compilation Engagements
Compilation services are designed for businesses that need professionally presented financial statements without an assurance opinion. Based on information provided by management, we assist in presenting financial information in accordance with the applicable financial reporting framework. Compilations can be a practical solution for management, owners, lenders, or other stakeholders when assurance is not required.
Which Engagement Is Right for You?
The appropriate financial statement service depends on your business needs, stakeholder requirements, and the level of assurance required.
| Engagement | Level of Assurance | Best Suited For |
|---|---|---|
| Audit | Reasonable assurance | Businesses requiring the highest level of independent assurance, often for lenders, investors, owners, regulatory requirements, or other stakeholders. |
| Review | Limited assurance | Businesses that need credible financial statements with an independent level of assurance, but where a full audit is not required. |
| Compilation | No assurance | Businesses seeking professionally prepared financial statements for management, planning, or other purposes where independent assurance is not required. |
Need help determining the right engagement?
Every business has different reporting requirements. ARS Associates LLC can help you evaluate your specific circumstances and determine the appropriate financial statement service based on your objectives and stakeholder requirements. Contact us today.