Financial Statement Audits

Audits provide the highest degree of assurance for evaluators. It includes the use of various techniques to verify the accuracy of the information in the statement, the  expression of an opinion on the fairness of the financial statements and providing  assurance that the underlying data has been tested. Written assurance is provided that the financial reports are 'fairly presented in conformity with generally accepted accounting principles (GAAP).'

Financial Statement Reviews

Reviews provide a much lower degree of assurance than audits. A review includes inquiries and analytical procedures, which allows the expression of limited assurance that there are no material changes.  While a review doesn't provide the same degree of assurance an audit, some financial statement users may find it an acceptable alternative.

Financial Statement Compilations

Compilations provide no assurance, and are akin to an unaudited statement. A compilation consists of assisting in the preparation of the financial statements.  Making certain that the data is in the correct format and clerically accurate.