Audit - Highest Level of Assurance
At Blankenship CPA Group our CPAs performing your audit are highly experienced team members. You will not have to retrain a new auditor that just graduated from college every year with our firm. Our turnover over the last three years has been less than 3%. And our average years in the industry across our forty plus professionals is nearly thirty. Few in our industry have such statistics. Our experienced team facilitates a well-planned process to keep you and your staff free from excessive interruptions and provides valuable feedback. Our audits look at your business as a whole and are aligned with your unique business functions, not just your financial process. By focusing on understanding your business process and obtaining a broad knowledge of your industry and its associated risks, we are efficiently and effectively able to concentrate our efforts on the area of your business where risk is the greatest.
Audit managers at Blankenship CPA Group have developed a highly efficient audit system. Over the last several years the firm has worked diligently to streamline our audit procedures by implementing a completely paperless audit process heavily reliant on advanced auditing techniques and software utilization.
Key Areas of Audit Experience:
An Audit allows you to...
Review - Limited Assurance
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 does not require us to study and evaluate your company's internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: "We are not aware of any material modifications" for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). 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 a CPA's technical expertise without the work and expense of an audit.
Compilation - Lowest Level of Assurance
In compiling financial statements for a client, we present information that is the "representation of management" and express no opinion or assurance on the statements. Compilations do not 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 CPA as part of their lending covenants.
Which Report Should You Use?
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. Please call if you have questions about which type of report is right for you.