We will work with you identify the level of service appropriate to your situation.
At Christianson PLLP, we understand that your stockholders, creditors, and other regulatory organizations all have different levels of risk tolerance. In order to meet your assurance requirements, our experts will help you to decide which approach to take.
An audit provides the highest level of assurance. It is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice.
Our work includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements.
A review provides the second highest level of assurance and consists of an evaluation of your company’s financial statements using management inquiries, analytical procedures, and our knowledge of the industry and your business. The scope of a review is less than an audit, but it provides “limited assurance” which implies that nothing came to our attention requiring modification.
A compilation is the third type of risk tolerance determination and requires the assembling of financial data from your accounting records and presenting, in the form of financial statements. Information is presented as “representation of management” and expresses no opinion or assurance on the statements. Compilations don’t require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.
Agreed upon procedures:
Agreed upon procedures vary between the type of procedures which need to be performed. In all cases a report is issued and no conclusion is made. The report is restricted to parties that have agreed to the procedures to be performed since others may be unaware of the reasons for the procedures or may misinterpret the results.
Which Report Should You Use?
Each type of financial statement report may suit specific circumstances, depending on requirements from your bank or other parties, as well as meet budgetary needs.
Understanding each report’s unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you or complete the form here for a Free Consultation.
For information regarding Attestation as it relates to Renewable Fuel Standards, please click here.