Audits, Reviews, and Compilations
Audits
Newton Buckley, CPA firm can provide examinations of organizations that require audited financial statements. An audit is a systematic 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. It is the highest level of assurance of the accuracy of the prepared financial statements. During our audit, we will review internal controls, test selected transactions, and talk with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements.
Reviews
A review engagement is substantially less in scope than an audit engagement. The objective of a review is to obtain limited assurance as a basis for reporting whether the CPA is aware of any material modifications that should be made to the financial statements in order for them to be in accordance with accounting principles generally accepted in the United States of America (GAAP) or other special basis of accounting. A review engagement includes primarily applying analytical procedures to your financial data and making inquiries of management. The CPA will not express an opinion regarding the financial statements.
Compilations
In doing a compilation engagement, the Newton Buckley, CPA firm will assist company management in presenting their financial information into proper and acceptable financial statements reporting framework. Where an audit can provide assurance of accuracy, we provide no assurance that there are no material modifications that need to be made to the financial statements when doing a compilation. With the limited scope of compilation procedures, the CPA report will not express an opinion or provide any assurance regarding the financial statements.