Independent assurance is extremely important to the users of your financial information in today’s business environment. Whether your company needs a financial statement review or audit to satisfy requirements of creditors or other funding sources, KMJ stands out for our expertise in working with privately owned companies. Our service approach emphasizes continuity of senior level professionals to ensure you receive consistent and timely audit services with minimum interruption to your daily operations. Not every business requires the same level of assurance, so our team works with you to determine the solution that provides the appropriate level of assurance based on your specific objectives. We’ll use this knowledge to design the process, timing and extent of your audit, review or compilation.
Most often, your organization will need an audit because banks, creditors, investors or government entities require an independent auditor’s opinion on your financial statements. Our audit provides the highest level of assurance to you and your stakeholders and ensures that your financial statements are presented in accordance with accounting principles generally accepted in the United States of America (GAAP). We’ll customize our audit approach for your business, leveraging our extensive industry experience, the knowledge we will gain of your business and our long-standing history of conducting audits.
Not as extensive as a full audit, reviews offer limited assurance that your organization’s financial statements are correct. Generally, your business will need a review when third parties such as investors are looking for some level of assurance that your financial reports are accurate, but don’t require an audit. A review is conducted in accordance with Statements on Standards for Accounting and Review Services (SSARS).
If your organization requires help preparing your financial statements – whether monthly, quarterly or annually – a compilation may be exactly what you need. In a compilation, the most basic process, we will take the data you supply and create financial statements that meet accounting standards. Because a compilation is basic, it will not include an examination of your numbers themselves, or create an opinion or assurance that the numbers are correct. However, we do take the time to understand your business and will take a common sense, high-level look at the financial statements to ensure that they are fairly presented. A compilation is conducted in accordance with Statements on Standards for Accounting and Review Services (SSARS).
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