Assurance and Attestation Services

Audit, Review, and Compilation Services

An audit is the highest level of assurance service provided by accounting firms. It involves a thorough examination of an organization's financial statements, internal controls, and accounting processes.
The primary objective of an audit is to express an opinion on whether the financial statements are free from material misstatement and fairly represent the financial position, results of operations, and cash flows of the entity in accordance with the applicable financial reporting framework (e.g., Generally Accepted Accounting Principles (GAAP).
During an audit, auditors collect evidence through various procedures, including inquiries, analytical procedures, inspection of documents and records, and testing of transactions. Auditors may also assess internal controls to determine their effectiveness in preventing and detecting fraud or errors.
The audit process typically culminates in the issuance of an audit report, which contains the auditor's opinion on the fairness of the financial statements.

A review engagement involves less extensive procedures compared to an audit but provides limited assurance on the financial statements.
During a review, the accountant performs analytical procedures and inquiries to obtain a reasonable basis for expressing limited assurance that there are no material modifications needed to the financial statements for them to be in conformity with the applicable financial reporting framework.
Unlike audits, reviews do not require the auditor to obtain a deep understanding of the entity's internal controls or to perform extensive testing of transactions.
The review process concludes with the issuance of a review report, which states that the accountant has performed the review in accordance with applicable standards and provides limited assurance on the financial statements.

Compilation services involve the preparation of financial statements based on information provided by the client, without providing any assurance on the accuracy or completeness of the information.
Accountants compile financial data provided by the client into the appropriate financial statement format without performing any verification or substantive procedures.
A compilation engagement does not involve the accountant expressing any opinion or assurance regarding the financial statements' accuracy or compliance with accounting standards.
The compiled financial statements are typically accompanied by a disclaimer stating that no assurance is provided on their accuracy or completeness.

Contact Us

First name*

Last name*

Company name*

E-mail*

Phone*

Service*

Comments/Questions

TOWN CENTER ONE
8950 SW 74th Court, Suite 1606
Miami, FL 33156

Monday to Friday
9:00 a.m. to 5:00 p.m.