Financial agreements often require different levels of assurance. SRC helps provide the documentation needed for your specific situation.
Your stockholders, creditors, or private investors have different levels of risk and often need assurance that the financial statements accurately represent the true position of a company. We provide three levels of assurance to meet your needs. Each type suits specific circumstances, as well as budgetary needs. We can assist you in determining the level of assurance that is best for you.
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 and communication with third parties. Based on our findings, we issue a report/opinion on whether the financial statements are fairly stated and free of material misstatements.
A review consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company’s management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures. Based on our findings, a review report will express limited assurance on the financial statements.
Compilations do not require inquiries of management or analytical procedures. We rely on our knowledge of accounting principles and a general understanding of your business. Information will be presented as “representation of management” and expresses no opinion or assurance on the statements.
Specific procedures are agreed upon prior to the start of the engagement and a report is issued with the findings, but an opinion is not issued. The procedures are similar to an audit, but much smaller in scope.