Assurance Services
Audit
The audit team at Barnes Wendling CPAs delivers an independent examination of financial statements and offers recommendations to strengthen internal controls, increase efficiency, and improve profitability.
Solutions to strengthen internal controls, increase efficiency, and improve profitability
Assurance services include a host of deliverables that help to verify the accuracy of information for the benefit of third parties, such as banks, investors, and bonding companies. Some of these deliverables include financial audits, and engagements related to performance, compliance, system security, and due diligence.
Our audit team delivers these services through an independent examination of financial statements, which can be in the form of an audit, a review or compilation. Through these engagements, our team gains an understanding of our clients’ accounting principles and procedures, record keeping and transactions. The team also offers recommendations and solutions to strengthen internal controls, increase efficiency, and improve profitability.
Our auditors ensure audits meet the requirements of the American Institute of Certified Public Accountants (AICPA). We are a member of the AICPA’s Employee Benefit Audit Quality Center and the Governmental Audit Quality Center.
Financial Reviews Defined
The term “financial review” can refer to several types of services. There are three common types of financial reviews an accountant can provide: compilations, reviews, and audits.
A compilation is the least formal type of report a CPA can issue. The accountant’s role is limited to compiling financial statements into a Generally Accepted Accounting Principles (GAAP) compliant format. There are no verifications or assurances the information contained in the financial statements is accurate. The accountant does not offer any opinions about the reasonableness of the information. The intent is to assist management with preparing the financial statements to meet GAAP format requirements.
A review is much more in-depth than a compilation, but not as extensive as an audit. The accountant does not examine the financial statements nor obtain evidence to support the accuracy of the financial statements, but rather provides limited assurance about their reasonableness and accuracy. The accountant conducts inquiries of management and analytical procedures of the financial information. The accountant’s assurance essentially states that the financial statements are free of obvious errors and material misstatements.
An audit is the most comprehensive form of financial review. An auditor will conduct a careful review of financial statements. They will independently obtain corroborating evidence to support the accuracy of the information in the financial statements. Their final report will be to render an opinion on the financial statements.