Audit, Review, Compilation Services
Overview
When it comes to audit and assurance services, Boyer & Ritter stands out for our expertise in working with privately-held companies, not-for-profits, and governmental entities. We are skilled at evaluating business and control risks for our clients and we deliver service that extends beyond compliance.
Depending on your needs, your business may require one of three levels of financial statement services: audit, review, or compilation. These services are important for reporting with third-parties, including lenders, investors, vendors, and customers.
Audit Services
An audit of financial statements provides the highest level of assurance to affirm your financial statements are free of material misstatement. An audit includes an evaluation of internal control, an assessment of fraud risk, and other procedures.
We take into consideration each organization's characteristics and risks relating to business operations, business goals, and needs of the end-user. Regardless of your need, Boyer & Ritter will help improve the accuracy of your financial reports in a way that makes data easier to understand. Our long-term goal is to help improve your business.
Review Services
In addition to audit, Boyer & Ritter provides review services for organizations that require only a limited level of assurance. During a review, our team does not test transactions or pull samples. Based on our review, we will report whether or not we are aware of any material modifications that should be made to the financial statements to bring them in accordance with pertinent accounting guidance. In some circumstances, creditors and state charitable registration requirements will accept a review as a form of assurance in lieu of a full audit.
Compilation Services
A compilation is useful in developing an understanding of your financial health. Typically used to assist management in presenting financial data in the form of financial statements. There is no opinion expressed as to the accuracy of the financial statements, however, and therefore, there is no assurance on the figures presented in the financial statements.
Many users of a company’s financial statements, especially investors and bankers, will most often require that some assurance is given by a CPA firm on the figures presented in the financial statements. For those purposes, you will need an independent audit or review.