FINANCIAL REPORTING & ASSURANCE SERVICES
Butler + Burke can provide your business with financial reporting and assurance services. The level of service or type of engagement your business needs will depend on management or owners’ goals or the needs of outside parties such as lenders, suppliers, grantors, or governmental agencies.
An audit provides the highest level of assurance on the accuracy of the financial statements prepared in accordance with generally accepted accounting principles. Audit procedures include detail testing of transactions, independent verification of amounts with third parties, and a review of internal control systems and procedures.
A review is a process of analyzing financial statements by comparison with budgets, prior years, and industry statistics. A review also involves ratio analysis and inquiries of management. This type of service provides a lower level of assurance than an audit, but it is generally less costly.
A compilation engagement involves preparing financial statements in an appropriate format in accordance with generally accepted accounting principles, on a cash basis, or on an income tax basis. Compiled financial statements can be prepared without the statement of cash flows and/or footnotes that are required in all audited or reviewed financial statements.