Audit, Reviews, Compilations and Financial Statement Engagements: (Assurance Services)

When does someone think they need an audit?

Normally, when someone tells them they do. A bank, regulatory institution, a board of directors, who seems more intrusive than you would like (they are likely not, but more on that later)... most people are not looking for an audit, the audit likely found them.

What ever the reason for needing an audit, there are a couple of things to take note of:

1) Many people use the term "audit" to describe what most people mean "assurance services."
2) Assurance services really offer more than just satisfying a compliance requirement.

First what is an "assurance service?" Assurance services inclue audits, reviews compliations and financial statement completion. Potato/Po-tato, right? Not exactly... For your company or organization, the difference can mean thousands of dollars for something your company or organization does not really need. When you reach out to Beta Solutions CPA, LLC, we will schedule an initial consutiaton (free of course), and we will help you make the determination of what you really need. Audits can be expensive, and a review or in some cases simple compliation and financial statement completion might sufice.

Second, you might ask "How can an assurance service be used to help me?" Your company likely has a great professional running the books, who you trust... perhaps someone, who has been working for you for years. Everyone can make a mistake... afterall we are all human. Assurance serevics provide, well... assurance. Assurance your company's financial position is what you say it is.

Finally, assurance services are not to play "gotcha" games. A good assurance provider works with your financial team to make sure the financial books are being managed properly, but also to support your financial team to make good recording decisions. At the same time, we also work with the financial team and the company/organization ownership to look for more than simple mistakes.