Audits, Reviews and Compilations

At CK Business Solutions, we view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. We provide financial reporting on all three levels of assurance:

Audit

An audit report provides the highest level of assurance that the company's financial statements are presented fairly in conformity with Generally Accepted Accounting Principles (GAAP). In an audit, the accountant must be independent of the client and the financial statements must contain all required disclosures. An audit is planned and performed with an attitude of professional skepticism; that is, the auditor designs the audit to provide "reasonable assurance" that significant errors or fraud are detected. In an audit, an opinion is expressed whether the financial statements are fairly presented in all material respects, in conformity with GAAP. An audit includes tests of accounting records supporting the transactions recorded in the accounts and direct confirmation of balances and representations from the attorney.

Review

A review of financial statements produces a report that provides limited assurance that material changes to the financial statements are not necessary. With respect to reliability and assurance, a review falls between a compilation, which provides no assurance, and the more extensive assurance of an audit. A review consists essentially of inquires of management and performance of analytical procedures.

Compilation

A compilation is a monthly, quarterly, or annual financial statement. A compilation offers no assurance as to whether material or significant changes are necessary for the statements to be in conformity with GAAP - the set of rules regarding financial statement form. No probing is conducted beneath the surface unless the data provided is in error or is incomplete.

Our auditing practice fully complies with the very strict standards of the American Institute of Certified Public Accountants' System of Quality Control. Preparing and examining financial reports is only part of our service, however. As we prepare reports, we gain a unique perspective on the efficiency of our clients' internal control systems and whether or not those systems are working. Specific recommendations concerning internal controls and related business operations are a part of virtually every CK Business Solutions financial statement engagement.

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