Audits, Reviews & Compilations
Audit of Financial Statements
A financial audit is the highest level of opinion about the accuracy of a company’s financial statements. Organizations generally seek audits to provide assurance to third parties that their financial statements are fairly presented and are in conformity with GAAP or other applicable accounting frameworks.
In addition to fulfilling requests from stockholders, lenders, and regulators, the financial audit by HRSS provides a valuable glimpse into your company’s practices, answering the question: How could operations be improved and efficiency increased?
Review of Financial Statements
If a full-blown financial audit is unnecessary, but you still have assurance needs, consider a review of financial statements, which provides limited assurance that your financial statements are presented fairly and in accordance with GAAP or other applicable standards.
Based on our knowledge of your industry and business, we will evaluate your company’s financial statements using analytical procedures and through inquiries with management. Because of our industry knowledge and extensive experience, our clients receive actionable information on ways to improve operations.
Compilation of Financial Statements
Compilations are the lowest level of assurance services. Although it does not offer the assurance of an audit or review, a compilation improves the quality of reporting because it helps clients present data in accordance with GAAP or other accounting frameworks.
During a compilation, HRSS helps management present financial data in the form of financial statements without providing assurance that no material modifications are needed. This process assists decision makers as they analyze their numbers, and it guides clients down the path of financial health and stability.