Businesses often need to provide assurance that their financial statements accurately reflect the financial position of their company. Owners, lenders, stakeholders, and other interested parties may need or want an understanding of an organization’s financial condition. There are three levels of assurance services:
- Audit–the highest level of assurance
- Review–limited assurance
- Compilation–most basic level of assurance
Updegrove McDaniel McMullen & Chiccehitto, PLC’s (UMMC’s) audit and accounting team is highly qualified to provide all levels of assurance services. We have extensive experience with assurance and can guide you with selection of the assurance services that meet your specific requirements.
The level of assurance may depend on your business type. Public companies are required to have an annual audit. Some non-public companies and non-profit organizations, especially organizations receiving government grants, require audits as well. Some financial institutions may require an audit on their customers based on their assessment of the company’s risk.
If there are no specific requirements dictating the level of assurance needed, businesses may choose a review or compilation depending on the information they want or need.
Businesses and non-profit organizations that require an independent review or assessment of their financial reporting processes and controls may also choose our Agreed-Upon Procedures Engagement. This type of service is ideal in situations where an organization or business owner identifies specific areas of interest, such as a review of cash controls, a review for fraudulent activity, or a review of specific financial records.
UMMC professionals have many years of experience providing assurance services to businesses and non-profit organizations. Our continued training, technical expertise, and dedication to outstanding client service are unmatched.
Firms that provide assurance services are required to have their system of quality control for their accounting and auditing practice reviewed every three years. During more than 40 years in practice Updegrove McDaniel McMullen & Chiccehitto, PLC is proud to have received only “unmodified” reviews from the Virginia Society of CPAs Peer Review Committee.
Contact us at 703.771.1818 in Leesburg or at 540.347.5681 in Warrenton to discuss your assurance services needs.