Kelly King & Co.

For those that require evaluations of financial records, we can perform Audits, Reviews, or Compilations for three different levels of assurance. This customized financial reporting process allows us to provide constructive solutions for maximizing your company’s profitability and efficiency.

 
While the terms might seem very similar in meaning, each auditing service provides a different level of assessment and assurance. The variety amongst these services allows for our auditing professionals to choose the most optimal solution, based on the client’s unique financial situation.

 
To learn more about each type of financial statement reporting, please review the following terms and descriptions, or contact one of our auditing professionals today.

Audits

 
With audits, you will receive the highest level of assurance and assessment about the reliability of your financial statements. Audits offer an overall evaluation of your operational systems from an objective source, resulting in an independent, professional opinion confirming the accuracy of your records. Audits are performed by a Certified Public Accountant and are typically required by lending institutions, regulatory agencies, or others who depend on the information contained in financial statements.

Reviews

 
This is a less extensive evaluation of financial statements, using management inquiries, analytical procedures, and any knowledge of the industry and your business. The auditor may examine any systematic measures taken to analyze and record financial data. The overall scope of a review is less investigative than an audit, but it provides limited assurance that we are not aware of any material modifications that should be made to the financial statements.

Compilations

 
While a compilation is considered to provide the most minimal level of assurance, it will also be a crucial step in determining the need for further accounting services. Should there be a need for additional services, the information gathered will provide assistance needed to prepare crucial financial statements. Essentially, a compilation entails collecting any financial data from all sources such as records and presentations to be documented in the form of financial statements.