An audit is the highest level of financial statement assurance service with an opinion of the fairness of the presentation. It is conducted in accordance with Generally Accepted Auditing Standards (GAAS). An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. An audit satisfies external reporting requirements for lending institutions and regulatory agencies.
A review is the next level of assurance service. A review is conducted in accordance with Statements on Standards for Accounting and Review Services issued by the AICPA. A review consists principally of inquiries of company personnel and analytical procedures applied to financial data. It is a procedures driven engagement with limited assurance provided regarding the financial statements. It is substantially smaller in scope than an audit.
A compilation is the lowest level of assurance service. A compilation is conducted in accordance with Statements on Standards for Accounting and Review Services issued by the AICPA. A compilation is limited to presenting, in the form of financial statements, information that is the representation of management.
General audit procedures and methodology cannot always be administered with the plan for providing an audit opinion. In many instances, clients (or their banks) want to focus audit-type procedures on specific accounts to address specific risks and keep audit fees low. In an agreed-upon procedures engagement, we work with our clients to identify and perform set procedures to assist our clients in evaluating certain subject matters based upon their needs.
EMPLOYEE BENEFIT PLAN AUDITS
Cassady Schiller also provides objectivity and insight into your employee benefit plan reporting issues. We provide a full spectrum of services regarding employee benefit plans, including plan audits and Form 5500 reviews.
We provide a full spectrum of services to address the varied needs of diverse organizations.