Not every organization requires an audit. We recognize that, in many cases, depending on the needs of your financial statement users (such as owners, investors, or lenders), a review or compilation report will suffice.
With AdrianYeo, you’ll get the level of personal service and partner attention you’d expect. You’ll also benefit from the greater level of resources AdrianYeo can provide if and when you need them.
Our approach involves first understanding your business and the needs of its financial statement users, then working with you to determine the optimal level of financial reporting.
Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company’s management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.
A review doesn’t require us to study and evaluate your company’s internal controls or verify data with third parties or physically inspect assets. Reviewed financial statements must include all required footnotes and other disclosures.
Why might a business request a review engagement? It can be a good middle ground, providing the advantages of an accountant’s technical expertise without the work and expense of an audit.
In compiling financial statements for a client, we present information that is the “representation of management” and expresses no opinion or assurance on the statements. Compilations don’t require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.
Banks often require compilations from an independent accountant as part of their lending covenants.
Each type of financial statement report may suit specific circumstances, depending on requirements from your client’s bank or other parties, as well as meet budgetary needs.
Understanding each report’s unique strengths and weaknesses can help you choose the most appropriate one.
While the audit or assurance service needed may be a business requirement it doesn’t mean you should settle for an average experience. If you are unhappy with your current auditor or need assistance with an assurance concern, AdrianYeo can help. For additional information call us at +60 3-7802 3333 or request a callback to speak to one of our audit managers.