Audit, Review, and Compilation Services under US GAAP
Comprehensive Auditing, Review, and Compilation Services
Our experienced staff is also available to assist you with your auditing requirements.
We offer services in auditing financial statements, conducting internal audits, and performing reviews and compilations.
1. Audit
Level of Assurance
Procedures: Involves detailed examination of financial records and internal controls.
Objective: To express an opinion on whether the financial statements are presented fairly, in all material respects, in conformity with US GAAP.
Report: The auditor’s report provides an opinion on the fairness and accuracy of the financial statements.
Key Procedures:
Risk assessment
Internal control testing
Substantive procedures (e.g., tests of details, analytical procedures)
Obtaining sufficient appropriate audit evidence
2. Review
Level of Assurance
Procedures: Involves inquiries of management and analytical procedures.
Objective: To express limited assurance that the financial statements are free from material misstatement.
Report: The accountant’s review report states whether any material modifications should be made to the financial statements for them to be in conformity with US GAAP.
Key Procedures:
Inquiries of management
Analytical procedures
Review of accounting principles applied
3. Compilation
Level of Assurance
Procedures: Involves assembling financial information provided by management.
Objective: To present financial information in a form that is suitable for the intended users.
Report: The accountant’s compilation report states that the financial statements were compiled without audit or review.
Key Procedures:
Preparing financial statements in accordance with US GAAP
Applying accounting principles consistently
Disclosing any departures from US GAAP
AuraFinacc Solutions is an accounting firm offering customized financial solutions to U.S. businesses. Established in 2024, we focus on exceptional client service.
