Financial Policy & Procedure Development
Build the foundation for success in your organization by ensuring that appropriate financial policy and procedures are in place and executed. Stevenson, CPA, LLC can help you revise, update or build from scratch your organizational policies and procedures. Take the assessment if you would like to be contacted for service.
This is the most basic level of service for financial statement preparation.The accountant assists the client without undertaking to provide any assurance. CPAs comply with the Statement on Standards for Accounting and Review Services (SSARSs). A compilation does not involve inquiry, analytical procedures or other procedures performed in a review. The report states that the accountant has not reviewed or audited the financial statements and accordingly does not express an opinion about the financial statements.
The accountant performs limited procedures, primarily inquiry and analytical procedures to obtain limited assurance that there are no material modifications that should be made to the financial statements. CPAs comply wit the Statement on Standards for Accounting and Review Services (SSARSs). The accountant does not obtain an understanding of the organization's internal control, assess fraud risk, test accounting records or other procedures performed in an audit.
Audited financial statement provide the user with the auditor's opinion that the financial statements are presented fairly, in all material respects, in conforming with the applicable financial reporting framework. The auditor is required by auditing standards generally accepted in the United States of America (GAAS) to obtain an understanding of the entity's internal control and assess fraud risk. The auditor cooroborates amounts in the financial statements by obtaining audit evidence through inquiry, physical inspection, observation, third-party confirmations, examination, analytical and other procedures. The auditor provides a report that the financial statements are presented fairly in all material respects, otherwise issues a qualified, adverse or disclaimer of opinion.