Accounting and Auditing

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An audit is an examination of your records and financial statements completed in order to express an opinion about whether the financial statements are fairly presented in conformity with the applicable financial reporting framework that is used by the entity.

The auditor has a responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud.

The auditor plans, conducts, and reports the results of the audit in accordance with generally accepted auditing standards.

An unaudited review of financial statements of an entity is used to determine the reasonable assurance of the information.

A review includes primarily applying analytical procedures to management's financial data and making inquires of the entity's management.
A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole.

The compiling of unaudited financial information into financial statements, schedules or reports based on information provided by the management (owners).

The objective of a compilation is to assist management (owners) in presenting financial information in the form of financial statements without undertaking to obtain or provide assurance that there are no material modifications that should be made to the financial statements.

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