What are Auditing and Financial Statements ?

Auditing and Financial Statements are professional engagements performed solely by certified public accountants (CPAs) to provide an independent evaluation and assurance on the accuracy, completeness, and fairness of financial statements or other financial information.

Auditing and Financial Statements Cypress Accountancy offers

Audit Engagements: Audits are the most well-known form of attest services. They involve a comprehensive examination of a company’s financial statements, internal controls, and accounting practices to express an opinion on whether the financial statements are presented fairly in all material respects. Audits are typically conducted in accordance with Generally Accepted Auditing Standards (GAAS) or International Standards on Auditing (ISA).

Review Engagements: Reviews are less extensive than audits but still provide some assurance. In a review engagement, the CPA’s at Cypress Accountancy perform analytical procedures, inquiries, and other procedures to obtain a moderate level of assurance that the financial statements are free from material misstatements.

Compilation Engagements: Compilations involve the preparation of financial statements based on information provided by the client, without any assurance or verification. The CPAs and staff at Cypress Accountancy will ensure that the financial statements are correctly presented and in accordance with the applicable financial reporting framework.

Agreed-Upon Procedures (AUP) Engagements: In AUP engagements, the CPAs and staff at Cypress Accountancy perform specific procedures agreed upon with the client or third parties. The results of these procedures are reported without the expression of an opinion, providing users with relevant and specific information.

Other Attest Services: Besides the traditional attest services mentioned above, accounting firms can provide various other attest services tailored to specific needs, such as examination engagements and performance audits.

Why Your Company may Need Attest Services

Enhancing Credibility: Attest services add credibility to your financial statements by providing an independent assessment, thus increasing the trust of investors, creditors, and other stakeholders.

Compliance: In many jurisdictions, certain businesses are required by law to undergo specific attest services, such as audits for publicly listed companies or reviews for certain regulatory filings.

Regulatory Reporting: Attest services facilitate compliance with various regulatory bodies, reducing the risk of penalties and legal consequences.

Let’s Get Started

We would be delighted to discuss how our attest services can benefit your business. Please reach out and Contact Us to schedule a consultation at your convenience.

Thank you for considering us as your trusted partner in simplifying your business finances. We look forward to contributing to your business success.