Audit, Review, Compilation

Not every business requires the same level of Assurance. For instance, if you need financing or desire to sell your business, the lack of audited financial statements can result in failure to gain financing or cause the value of your company to be under estimated. Decosimo works with you to determine the solution that provides the appropriate level of assurance based on your specific objectives.

Audit
An audit results in an opinion, based upon the application of generally accepted accounting principles, on the fairness with which the financial statements of a company present its financial position, results of operations and cash flows.

An audit requires that we understand internal controls and assess control risk; test accounting records; and obtain evidence through inspection, observation, and confirmation. This is the highest level of assurance accountants can provide.

Review
A review involves inquiry and analytical procedures to provide a basis for expressing limited assurance in a review. We determine whether there are material modifications that should be made to the statements for them to be in conformity with generally accepted accounting principles.

A review is appropriate when management needs some assurance about the financial statements, but not the higher level of assurance provided by an audit.

Compilation
A compilation is a presentation of information without expressing any assurance opinion on the statements and is appropriate when a business or individual needs financial statements, but not the assurance provided by a review or audit.