AUDIT & ATTESTATION
Climbing the mountain of endless paperwork can be daunting. Financial statements are one of the best ways to evaluate a business’s performance, but they can be difficult to comprehend. Audit, Review and Compilation are three distinct levels of service relating to financial statement reporting. These reports allow owners and investors to evaluate their business and guide them as they make management decisions.
Audit – An audit is necessary to attest to the accuracy of your company’s financial statements. The process involves a critical review and verification of financial information, providing the highest level of assurance on how your company is performing financially. While the audit is focused on the past, we assess your current procedures and processes to recommend practical suggestions to strengthen internal controls for your future operations.
Review – The objective of a review is to provide limited assurance to investors or banks that a company’s financial statements are satisfactory. At Faulk & Winkler, we use industry knowledge and analytical procedures to evaluate your business and provide a fair analysis.
Compilation – It is our practice to begin a compilation by gathering details about the industry and the client and then assessing the financial statements for material misstatements. Since a compilation is significantly less in scope than an audit or review, we render the financial statements to management without an opinion or assurance.