In today’s complex financial landscape, assurance services play a crucial role in ensuring the credibility and reliability of financial information. At Vesta, we offer a range of assurance services tailored to meet various needs. Understanding these services can help business owners, investors, and executive directors make informed decisions.
Audited and Reviewed Financial Statements
Audited financial statements offer the highest level of assurance. An audit involves a thorough examination of an entity’s financial records, internal controls, and processes. The goal is to provide an opinion on whether the financial statements are fair and accurate. Audited financial statements enhance credibility with stakeholders and donors and ensure compliance with regulatory requirements.
Reviewed financial statements provide a moderate level of assurance. The review process involves inquiries and analytical procedures to determine if any changes are needed for the financial statements to conform to the reporting framework. Reviews are more time-efficient than audits, increase credibility, and help identify trends and anomalies in financial data.
Compiled and Prepared Financial Statements
Compiled financial statements offer no assurance on accuracy. Accountants assist management in presenting financial information without performing audit or review procedures. This service is cost-effective, ideal for internal management, and flexible to meet specific needs.
Prepared financial statements are based on information provided by management without accuracy checks. This service is useful for internal purposes where formal assurance isn’t needed. Prepared financial statements streamline the process for quick generation, are cost-effective, and ideal for internal reporting and decision-making.
Agreed-Upon Procedures (AUP)
Agreed-upon procedures are tailored services where specific procedures are performed as agreed upon by the entity and the CPA firm. These procedures can relate to financial information, operational processes, or internal controls. AUPs are customized to meet the specific needs of the entity, provide clear findings on specific areas of concern, and are flexible and highly adaptable.
Why Choose Vesta for Assurance Services?
Assurance services are essential for maintaining the integrity and reliability of financial information. At Vesta, our team of experts is dedicated to providing the assurance you need to confidently navigate your financial landscape. Whether you require the high level of assurance from an audit, the moderate assurance of a review, the basic service of a compilation, the simplicity of prepared financial statements, or the customized focus of agreed-upon procedures, Vesta is here to help.
Contact your nearest Vesta office today to learn more about how our assurance services can benefit your organization.
