Audits, Reviews & Compilations
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company’s profitability and efficiency. We provide financial reporting on all three levels of assurance:
- Audit – An audit is an intensive examination providing the highest level of assurance given by CPA firms. An audit includes, on a test basis, examination of underlying invoices and confirmation of account balances with external parties, as well as consideration of internal controls, inquires of management and analysis of financial data. In order to help ensure the most efficient audit possible, LattaHarris recommends businesses wishing to procure a financial statement audit first retain an in-house CPA who is well versed in internal controls, US GAAP and the financial statement preparation and reporting process.
- Review – A review provides a lower level of assurance than an audit. A review includes the application of analytic procedures to financial data and inquires of management. Unlike an audit, a review does not include the examination of underlying documentation or confirmation of account balances; however, the effective application of analytical procedures by a knowledgeable and experienced CPA can be a very effective way of identifying financial statement misstatements. In order to help ensure the most efficient review possible, LattaHarris recommends that businesses wishing to procure a financial statement review first retain an in-house CPA who is well versed in US GAAP and the financial statement preparation and reporting process.
- Compilation – A compilation is based upon information provided by management. No assurance is given under this level of service and the CPA’s primary responsibility is to ensure the information provided by the client is properly presented in a form consistent with US GAAP.