Businesses often need to provide assurance that their financial statements accurately reflect the financial position of their company. Owners, lenders, stakeholders or other interested parties may need or want an understanding of an organization’s financial condition. There are three levels of assurance service:
- Audit – the highest level of assurance
- Review – limited assurance
- Compilation – most basic level of assurance
Updegrove, Combs & McDaniel’s audit and accounting team is experienced in providing all levels of assurance service. They can provide guidance in selecting the type of assurance service to meet your 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 may 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.
UCM professionals have years of experience providing assurance services to businesses and non-profit organizations. The combination of continued training, technical expertise and a focus on client service provide value to our clients.
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 their thirty-five years in practice. Updegrove, Combs & McDaniel is proud to have received only “unmodified” reviews from the Virginia Society of CPAs Peer Review Committee.