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Government, owners, stockholders, creditors, private investors, and/or management often needs some type of assurance that the financial statements (or a portion of a financial data) represents the true financial position of a company.


Audit of Financial Statement – 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 the general practice.

  • Our work includes a review of internal controls, testing of selected transactions, communication with third parties, and the issue of the audit report on whether the financial statements are fairly stated and free of material statements.

Review of Financial Statement – Limited assurance

  • Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures that are applied to the financial statements in combination with inquiries made to management team.

Compilation of Financial Statement – 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 financial statements.


Agree Upon Procedures (AUP)

  • Performance of specific procedures on subject matter and reports the findings without providing an opinion or conclusion. The subject matter may be financial or non financial information.

  • Some examples related to AUP may includes but are not limited to:

  • AUP – Report of compliance to inspect and confirm expenses claimed in a tax return (CC RI 19-14 and CC RI 20-39)

  • AUP – Report of compliance to inspect and confirm revenues and expenses claimed in a tax return, both in compliance with the filing and payment of the monthly sales and use tax return and informative returns. It also requires the recalculation of tax depreciation and amortization, reconciliation of informative returns with expenses in books, vouching of expenses not reported in return, and the review of related entities due to/from accounts (CC RI 19-14 and CC RI 20-39)

  • AUP – Report on the validation of invoices for educational services to special need students by the Department of Education


Personal Financial Statements

  • Preparation and presentation of personal financial statements for individuals or group of related individuals (families) which are formally organized for specific purposes, such as obtaining credit, income tax planning, retirement, or public disclosure required by governmental agencies.


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