- Jason, Atlanta, GA
I am now finishing my second audit with MDP. Matt Dubato has helped us improve our financial processes and office management.
Are you looking for Audit, Review & Compilation Services?
Audit, Review & Compliations
Our audit, review and compilation services provide different levels of assurance when providing financial statements. Businesses should work with their external auditors to determine what their real needs are so they can decide the right level of service.
Is the need for the financial statement a debt covenant requirement? Shareholder use? Regulatory requirement? Performance measurement? Or perhaps compensation calculation? When you have a clear understanding of what is needed, you can make the best decision of what you will need.
We offer our Audit, Review and Compilation services to small and large business in and around the Metro Atlanta and Marietta area.
An audit provides the highest level of assurance on an organization’s financial statements. An audit provides assurance that an organization’s financial statements are free of misstatements and are fairly presented based upon the application of generally accepted accounting principles. An audit includes:
Confirmation with outside parties
Testing selected transactions by examining supporting documents
Completing physical inspections/ observations
Considering and evaluating the internal control system of the organization
A review provides limited assurance on an organization’s financial statements. During a review, inquiries and analytical procedures present a reasonable basis for expressing limited assurance that no material modifications to the financial statements are necessary; they are in conformity with generally accepted accounting principles.
This “does it make sense” analysis is useful when the organization needs some assurance about their financial statements, but not the higher level of assurance provided by an audit.
A compilation provides no assurance on an organization’s financial statements. The CPA takes financial data provided by the nonprofit and puts them in a financial statement format that complies with generally accepted accounting principles.
There are no testing or analytical procedures performed during a compilation.