Audits - Reviews - Compilations
Proven Expertise in Audits, Reviews and Compilations
GLSC performs high quality audits for nonprofits, governmental entities,and other businesses in South Florida. As a business owner, you may be accountable to creditors, private investors, and shareholders, all of whom are interested in ensuring that the company’s financial statements accurately represent the true financial position of the company.
There are three types of CPA certified financial statements:
Compilations. The first level of service is the compilation. CPAs compile financial statements for the use by management and third-parties without verification that the numbers presented in the statements are accurate.
Reviews. Reviews are more involved than a compilation, but not as comprehensive as an audit. A review provides “limited assurance” on a Company's financial statements. Key personnel are interviewed about the company’s accounting policies and procedures, industry, operations, and financial statements. CPAs also perform analytical procedures and issue a review report.
Audits. Audit services are the highest level of assurance services provided. We work closely with key personnel to gain knowledge of internal control systems and perform substantive procedures to verify the financial statements are free of material misstatement. Audits are performed in accordance with Generally Accepted Auditing Standards (GAAS). At the conclusion of the audit, a report of independent auditors is issued.
How do I know if i need an Audit, Review, or Compilation?
You may be wondering which one is best for your business. The answer depends on the level of assurance or financial accuracy that you want or need. For instance, you may decide a compilation is all you need this year, but in subsequent years, you may decide that a review - or even an audit - provides better information about your financials and enables you to make better decisions about the future growth of your company. Often times, regulatory agencies or financial institutions require specific types of reports that assist companies in making the determination on which service is best for your company.
We Look Forward to Helping Your Business Achieve Financial Success!
Whether your business or organization needs an audit, compilation, review - or maybe even all three - our experienced team of CPAs, accountants, and tax professionals is here to help.
Not sure which level of assurance your business needs? Contact us using the form below.