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Accounting & Assurance
- Audit – an examination of financial statements by conferring with outside parties, completing physical inspections and observations, and testing selected transactions by examining supporting documents. An audit provides the highest level of assurance that the financial statements fairly represent the entity’s financial position and results of operation in accordance with Generally Accepted Accounting Principles (GAAP).
- Review – inquiry and analytical procedures are applied to financial statements provided by management to determine if they are reasonable. A review provides limited assurance that no material changes need to be made to the financial statements.
- Compilation – preparation of financial statements from information provided by management. A compilation is useful when limited in-house capabilities for preparing financial statements exist or when a higher level of service is not required.
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