Services Offered

We provide three levels of financial statement assurance, including audit, review and compilation services. Understanding the advantages and disadvantages of each level of assurance can help you choose the most appropriate one to fit your needs.

Audit

An audit provides the highest level of assurance, the primary objective of which is to develop an opinion on the fair presentation of the financial statements. Thompson Greenspon utilizes a risk-based audit approach to develop an audit strategy and comply with generally accepted auditing standards and objectives. Our work includes gaining an understanding of your business, including internal controls, testing selected transactions and communicating with third parties. Based on our findings, we issue a report on whether the financial statements present fairly, in all material respects, the financial position of the company. As part of the audit process, we will communicate to management and those charged with governance any deficiencies in internal controls as well as make recommendations to strengthen your company’s operational efficiency.

Review

The objective of a review engagement is to obtain limited assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in accordance with generally accepted accounting principles. A review is less extensive than an audit, but more involved than a compilation. A review engagement consists primarily of analytical procedures and inquiries of management. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures. A review does not entail an in-depth evaluation of your company's internal controls or verification of data with third parties. Reviewed financial statements must include all required footnotes and other disclosures.

 

Compilation

We are often engaged to compile financial statements with no opinion or assurance, known as a compilation. Compilations do not require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business in order to compile the financial statements.

 

Agreed-upon Procedures

If none of these services fit your needs, we may be able to tailor our procedures to achieve your objectives by providing an agreed-upon procedures engagement. In such an engagement, we can work with you to determine specific procedures that would meet your needs and report on our findings. Typically these procedures are performed related to a financial statement component or other written assertion as provided by you.

 

Audit & Accounting Insights

September 23, 2024

Cutoffs: When to Report Revenue and Expenses

Timing is critical in financial reporting. Under accrual-basis accounting, the end of the accounting period serves as a “cutoff” for…

September 9, 2024

CFOs Need More Than Accounting Skills

Is your company planning to hire a new CFO? A recent survey found that hiring managers look for more than…

August 26, 2024

Understanding the ABCs of Credits and Debits

Bookkeeping fundamentals are essential to accurate financial reporting. Using software solutions — such as QuickBooks®, NetSuite® or Xero™ — can…

Contained river placeholder

Connect With A Specialist

Our audits, review, and compilation specialists have extensive experience in the field and are pleased to offer you personalized service. Contact us today to schedule a consultation.

Contact Us