We provide independent financial statement audit services to a wide range of clients. We help our clients reduce the financial risks and improve their performance. We believe an audit should add value to the client. Wipfli/Joseph Eve understands the client’s business and industry. We tailor our audit tests for different clients. We can assist our clients by partnering with them to improve the operational efficiency and enhance any other as deemed appropriate.
AUDIT, REVIEW and COMPILATION
An audit of financial statements provides the highest level of assurance. The objective of audit is to express an opinion whether the financial statements are, as a whole, free from material misstatements and in accordance with the financial reporting standards. Auditors perform tests based on their judgement of the materiality and risks. A review of financial statements includes performing inquiry and analytical procedures. Reviews provide limited assurance that the financial statement has no material misstatements according to generally accepted accounting principles (GAAP). A compilation of financial statements includes compiling information to the form of financial statements based on the information provided by the client, without expressing any assurance. Examples of important audit procedures include:
- Inquiring of management and employeesto understand the organization
- Observing the physical inventory count
- Selecting samples and performing tests on revenue and expense transactions
- Confirming accounts receivable with a third party