Retaining a set of internal financials can be great for quick business decisions, but how reliable are those financials without attest and assurance audit services being performed? Without a qualified accountant analyzing your financials, your business runs the risk of undetected errors and noncompliance with Generally Accepted Accounting Principles. If regulatory bodies or investors get ahold of misstated financials, you could be on the hook for fines and penalties, making it wise to contact EINSTEK. We have worked with all different businesses, from small to large, to provide attestation and assurance services that lead to business growth, accurate financials, and compliance with all third parties.
What Attest & Assurance (Audit) Services Does EINSTEK Offer?
Finding the right level of assurance for your business financials can be a tricky task. Luckily, EINSTEK offers services at all assurance levels, guaranteeing we can meet your needs. Each level of assurance comes with a specified set of tasks that we complete. The higher level of assurance you need, the more in-depth we will dive into your business. Often times business owners can choose what service they want, but other times investors, lenders, and creditors require a higher level of assurance, making it a great idea to fully understand your business’s needs. Among the list of attest and assurance services EINSTEK offers includes:
Preparation of Financial Statements
Preparations of financial statements occurs when you engaged certified public accountant in public practice to prepare financial statements or prospective financial information. The request to prepare financial statements is not a bookkeeping service. Instead, it requires the accountant to apply professional judgment and does not require the accountant to verify the accuracy or completeness of the information provided by management or otherwise gather evidence to express an opinion or a conclusion on the financial statements or otherwise report on the financial statements. The statement is included on each page of the financial statements indicating, at a minimum, “no assurance is provided” on the financial statements.
Common examples of request include: preparation of financial statements prior to audit or review by another accountant; preparation of financial statements for an entity to be presented alongside the entity’s tax return another accountant; preparation of personal financial statements for presentation alongside a financial plan; preparation of single financial statements, such as a balance sheet or income statement or financial statements with substantially all disclosures omitted; and using the information in a general ledger to prepare financial statements outside of an accounting software system.
Compilations
Compilations include preparing the financial statements and related notes by obtaining supporting documents. Since no opinion is issued on the financials, there is no assurance; however, for some businesses, assurance is not needed. Compiled financial statements can be used to prepare business tax returns, make business decisions and track growth and profit, all of which are necessary when running a successful business. Some regulatory agencies and lenders require compiled financials to approve or renew licenses, or give out loans.
Reviews
Reviews are greater in scope and as a result, come with more assurance. Unlike a compilation, a review includes performing financial analytics and inquiring of management on various topics. Many businesses with large bank loans are required to obtain a review to give investors and lenders peace of mind about their financial position. A review dives deeper into your business and produces more comprehensive results.
Audits
Many large businesses and nonprofits will be subject to a full analysis of their financials and internal controls. This is where an audit conducted by EINSTEK comes in. We conduct a full audit of your financials in compliance with regulatory requirements. At the end of our procedures, we will issue an opinion on your financial statements and internal controls. An audit highlights key areas of your business that may be lacking and any material misstatements discovered.
Agreed Upon Procedures (AUP)
If a preparation, compilation, review, and audit don’t seem to fit what your business needs, EINSTEK also offers agreed upon procedures (AUP). Agreed upon procedures or AUP is a service package tailored to your specific needs. For example, if you only want a certain portion of your business audited, we can set up an agreed upon procedure for this. All businesses can benefit from an independent third party analyzing key areas to not only promote accuracy within the accounting function but to also remain in compliance with regulatory agencies.
Why EINSTEK For Your Attest & Assurance (Audit) Services ?
The team at EINSTEK retains the necessary licenses to perform these agreements in accordance with industry standards. We pride ourselves on staying up to date on the latest regulation changes to ensure we prepare our attest and assurance services accurately. In addition, our managing member has over 10 years of industry experience helping small and large businesses properly report their financial statements.
When you are delivering financial statements and footnotes to investors and lenders, you need to be sure everything is completed to the highest degree of accuracy. Any mishap can result in lost funds. This is why contacting EINSTEK is so important. We have the knowledge and experience to not only provide different levels of assurance, but to also complete the engagement accurately. Moreover, our team knows key areas to look for to uncover misstatements and any indication of fraud, which is critical for your business.
Next Steps
If a compilation, review, audit or agreed upon procedure sounds like something that can benefit your business, don’t hesitate to reach out to EINSTEK. We can walk you through deciding on the right assurance level for your attest service, appeasing all third parties during the process. Many businesses see the most success from having attest and assurance services prepared on a yearly basis to track progress and utilize the information to prepare tax returns. Reach out to one of our team members today to get started.
