Audits - Reviews - Compilations
Financial Clarity You Can Trust
Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company. Your stockholders, creditors, or private investors have different levels of risk tolerance, so we provide three levels of assurance to meet your needs.
AUDIT - HIGHEST LEVEL OF ASSURANCE
An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice.
Our work includes:
- A review of internal controls
- Testing of selected transactions
- Communication with third parties
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An Audit allows you to...
- Satisfy stakeholders such as employees, customers, and suppliers as well as the investing community, as to the credibility of published information.
- Comply with banking covenants.
- Help deter and detect material fraud and error.
- Facilitate the purchase and sale of businesses.
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Here's what you get...
You get the highest level of assurance because we go outside your company to obtain more information.
Typically, we'll have written communication with:
- Your customers, to check outstanding receivable balances,
- Your banks, to confirm cash or debt balances and terms,
- Your vendors, to verify outstanding payable balances, and
- Your attorneys, for information on pending or threatened legal action.
Ready to stop stressing over your books?
Let us take care of the numbers — so you can get back to business.
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Audits Not Just For Public Entities
All public companies are required to have an annual audit, but some nonpublic entities must undergo an annual audit as well. These include local governments, not-for-profit agencies and other organizations receiving government grants.
Moreover, some financial institutions require audits of nonpublic companies based on the financing amount and/or the bank's assessment of the company's risk.
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Review - Limited Assurance
A review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company's management team.
A review doesn't require us to study and evaluate your company's internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: "We are not aware of any material modifications" for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures.
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Compilation - Lowest Level of Assurance
In compiling financial statements for a client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements. Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.
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Which Report Should You Use?
Haven Group CPA's & Advisors is a licensed CPA firm by the States of Michigan. We are members of the American Institute of Certified Public Accountants (AICPA) and the Michigan Association of CPAs (MICPA). As members of these organizations, we have agreed to subject our auditing policies and procedures to an independent outside review, which is required every three years.
Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you or complete the form below for a free consultation.