Auditing and Accounting of Financial Statement Reports
Financial health is important to every small business owner, and one way to assess it is through audited financial statements. Accuracy is important, especially when you run a small business, where every dollar counts. Whether you are applying for certain programs or certifications, or just want to make sure your books are continually accurate, Chortek can provide appropriate assurance services for your business’ needs.
You’re an expert in your field, and so are we. Your financial statement engagement will be performed by highly experienced CPAs. We pride ourselves on smoothly coordinating the management of your engagement between our staff and yours, while bringing the latest technology and training to the process.
A small business audit means nothing if you don’t know where your business stands compared to your peers and your industry, which is why we also benchmark your data to put your financial statement information into context.
We provide the following assurance services related to your financial statements, ordered by level of assurance:
An audit represents the highest level of assurance. The goal of an audit is to provide a reasonable basis for the expression of an opinion when looking at your financial statements as a whole.
An audit includes an assessment of the risks your business faces, as well as what impact those risks have on your financial statements. It also includes an understanding of your controls, an assessment of control risk, testing your accounting records, and obtaining documentation for the assertions that are made in your financial statements.
A review exists in the middle between audits and compilations in terms of assurance. The goal of a review is to provide a reasonable basis for asserting that you do not need to make material modifications to your financial statements to conform to Generally Accepted Accounting Principles.
In a review, we will make inquiries of management and perform analytical procedures on financial data to provide this limited assurance service.
There is no assurance given with a compilation. We present information in the form of a financial statement as it is represented by management. Because we rely on the information that is provided to us, the financial statements are not assured to conform to Generally Accepted Accounting Principles.