Attestation covers three different levels of involvement by the accountant with our clients' financial statements. The level of service needed by a business is becoming higher as financial regulations grow and creditors and investors require higher quality financial information. We provide all three levels of service to our clients. The levels of service are:
Compilation: The CPA assists management in presenting financial information in the form of financial statements without the undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements.
Review: The CPA performs procedures, primarily analytical procedures and inquiries, which will provide a reasonable basis for obtaining limited assurance that there are no material modifications that should be made to the financial statements. No understanding of internal controls, assessing fraud risks or testing records is completed.
Audit: In an Audit, the CPA is required by GAAP to obtain an understanding of internal controls and assess fraud risks as well as obtaining evidence for the Auditor to provide a user of the financial statements with his opinion of the financial statements. This is the highest level of service a CPA provides.
BRJCPA is a member of the AICPA's Center for Audit Quality.