Financial Statement Compilation, Review and Audit
Posted On: 4-21-2014 | Posted By: WK Staff
Williams-Keepers LLC recognizes that different organizations have different needs when it comes to financial statement engagements. The level of assurance, third-party requirements, and industry-specific needs can vary greatly.
We organize our audit practice into industry-specific teams, focusing especially on agribusinesses, construction contractors, employee benefit plans, financial institutions, governmental entities, higher education, insurance, manufacturing and distribution, not-for-profit organizations, single audits, and 403(b) plans.
This approach allows members of our industry teams to participate in frequent continuing professional education opportunities and remain up-to-date on changing industry trends, ensuring that our clients are served with the efficiency, expertise and resources required in today’s marketplace. Staff gain practical experience and knowledge through their assignment to industry-specific engagements. In addition, we have developed industry-specific audit approaches and tools to aid in our audit work.
Levels of Assurance
There are generally three levels of assurance provided on financial statements: compilation, review and audit. The level of assurance to be provided on your financial statements depends on your specific needs and situation. Your organization might be required to have a certain type of engagement by its by-laws, lender, insurance company, funding sources, owners or regulatory bodies. There is a significant difference in the level of assurance provided by a compilation, review or audit. As the level of assurance increases, so do the professional standards and the time and complexity involved in completing the engagement. Whatever level of assurance is chosen, the financial statements remain the client’s ultimate responsibility.
Some private companies might not need audited financial statements – a less complicated and less costly compilation or review could fulfill your requirements. What are the differences between the three levels? Learn more about levels of assurance in the Audit Resources section of our site.
Our audit approach is based on current auditing standards and our in-depth knowledge of the specific industry niche. We perform a risk assessment and create a custom audit approach that is based on our client’s specific needs, risks and opportunities. We start our engagement in a planning phase, perform interim and final fieldwork at dates which are mutually agreeable, and wrap up with the production of all required reports. All reports are reviewed and discussed with management prior to finalization. In addition, we consider both the technical expertise and management skills needed to perform the audit, generally by assigning staff with the necessary expertise to each significant financial statement account balance or transaction cycle and determining the most appropriate audit approach based on our risk assessment process. We work closely with our clients to help ensure the audit runs smoothly and efficiently.
To learn more about WK audit services, please call (573) 442-6171 or (573) 635-6196 or e-mail email@example.com.