Audits, Reviews, and CompilationsDean Dorton2021-04-06T10:16:25-04:00
Audits, Reviews, and Compilations
Experts in assurance services
The core of our assurance services is comprised of audits, reviews and compilations. We approach each of these as a service for the benefit of all the organization’s stakeholders—the board, shareholders, customers and bankers—all of whom need to trust the quality of your financial statements. The financial report also serves as intelligence to help the business operate better, now and in the future.
We work with each client to co-develop the right approach and timing. We have found that our tailored approaches are the most productive and efficient for both client and auditor. At the beginning of our work we have a planning session with our client to ensure we are all in agreement with the approach and timing. We believe very strongly in proper planning and using audit or review procedures that mesh well with our clients’ operations, systems and procedures.
Dean Dorton maintains a paperless office, resulting in significantly enhanced technology assurance techniques. What we need is simply downloaded from our clients’ system or emailed to us electronically, saving both time and money. Our team also looks for areas in which data extraction techniques can be used to increase audit effectiveness and efficiency. Data extraction software allows us to analyze, manipulate, sample and extract data from almost any source.
Assurance clients benefit from our strong industry and technical knowledge, but also our outstanding reputation in the marketplace for audit and assurance services. We are members of the AICPA Center for Audit Quality (CAQ), AICPA Governmental Audit Quality (CAQ) and Private Company Practice Section (PCPS), and we are registered with the Public Company Accounting Oversight Board (PCAOB).
An audit is the most common and highest level of assurance services. An audit involves performing procedures in accordance with the applicable auditing standards to obtain audit evidence about the amounts and disclosures in the financial statements. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
A review is a lower level of assurance and involves performing primarily analytical procedures and inquiries. The review standards require us to perform procedures to obtain limited assurance that there are no material modification that should be made to the financial statements.
The objective of a compilation is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements.
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