AUDITS – REVIEWS – COMPILATIONS
Financial agreements often require different levels of assurance. MMNT helps provide the documentation needed for your specific situation.
Your stockholders, creditors, or private investors have different levels of risk and often need assurance that the financial statements accurately represent the true position of a company. We provide three levels of assurance to meet your needs. Each type suits specific circumstances, as well as budgetary needs. We can assist you in determining the level of assurance that is best for you.
1. Audit – Highest Level of Assurance
An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice. Our work includes a review of internal controls, testing of selected transactions and communication with third parties. Based on our findings, we issue a report/opinion on whether the financial statements are fairly stated and free of material misstatements.
2. Review – Limited Assurance
A review 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. Based on our findings, a review report will express limited assurance on the financial statements.
3. Compilation – Lowest Level of Assurance
Compilations do not require inquiries of management or analytical procedures. We rely on our knowledge of accounting principles and a general understanding of your business. Information will be presented as “representation of management” and expresses no opinion or assurance on the statements.
4. Agreed-upon Procedures
Specific procedures are agreed upon prior to the start of the engagement and a report is issued with the findings, but an opinion is not issued. The procedures are similar to an audit, but much smaller in scope.
Want to Learn More About Our Audits – Reviews – Compilations - Agreed-upon Procedures?
We know your business is unique. And, as a result, your needs for audit services are unique to you. MMNT offers several levels in our audit program that determine our involvement in your process, completely tailored to and based on your specific situations and requirements. From the highest level of audit to smaller-scale compilations, MMNT walks with you through the steps to ensure you are knowledgeable about the process and its results.
MMNT is based in Manchester, Connecticut. We have clients in Hartford County and all of Connecticut. We also enjoy providing CPA services to the surrounding communities of Bloomfield, East Hartford, Glastonbury, New Britain, Rocky Hill, South Windsor, Vernon, West Hartford, Wethersfield, Windsor, and beyond.
Companies have different levels of risk and need assurance that the financial statements represent the true position of a company.