Audit, Reviews & Compilations
Stockholders, creditors, and private investors require assurance that the financial statements accurately represent the true financial position of a company and their tolerance of risk may be different. PKF Mueller’s Audit and Assurance professionals can provide an unbiased, objective examination of your financial statements offering three levels of assurance to meet your needs.
An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor, or as established by general practice.
Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company’s management team.
In compiling financial statements for a client, we present information that is the “representation of management” and expresses no opinion or assurance on the statements. Compilations don’t require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.
Each type of financial statement report may suit specific circumstances, depending on requirements from your client’s bank or other parties, as well as meet budgetary needs. We can help answer questions and guide you to what type of report your firm needs.