Audit & Risk Services
CJBS has a reputation for helping clients of every size implement reporting processes that allow them to run more profitable operations. We provide a range of expert business assurance services to meet the needs of our clients.
Determining the Level of Service You Need
The American Institute of Certified Public Accountants (AICPA) has standards that allow CPAs to provide three traditional levels of assurance on financial statements. Those three levels of assurance include audits, reviews and compilations. We can help you determine which level of service is most appropriate for the needs of your business.
Audits
An audit entails understanding internal controls, outside verification of selected items and many other detailed procedures that allow us to render an opinion on the financial statements. As part of the audit, we will assist with the preparation of your financial statements and related notes.
We believe that an audit involves more than just providing an audit report. The report is a tool we use to help develop recommendations to enhance the organization’s financial management and operations.
Reviews
During a review, we make certain inquiries and perform analytical procedures that allow us to express limited assurance on the financial statements.
A review is substantially narrower in scope than an audit. A review does not contemplate obtaining an understanding of your business’s internal control; assessing fraud risk; testing accounting records through inspection, observation, outside confirmation or the examination of source documents or other procedures ordinarily performed in an audit.
Compilations
A compilation entails obtaining information from you and placing it in the form of financial statements, without expressing an opinion or assurance on them.
Compilation of financial statements is a service where the role of the CPA is more apparent to outside parties, and as such, the requirements for performing this service are more explicit. The CPA is also required to read the financial statements in light of the financial reporting framework being used and consider whether the financial statements appear appropriate in form and are free from obvious material misstatements.
In certain situations, instead of one of the traditional assurance services listed above, it may be advantageous for us to provide agreed-upon procedures or customized consulting services to achieve your objectives. We will help you evaluate the alternatives to determine the best way to meet your needs. Contact Andrew Lotts to discuss audit and assurance services in more detail.