AUDIT
Assurance Services
When we talk about an Audit, we're referring to a set of Assurance Services. These services involve thorough financial examinations by independent CPAs who instill confidence in your processes and financial results.
Why would you need Assurance Services?
CPA Assurance Services offer insights into your spending, cost-cutting opportunities, and growth potential. They're essential for various requirements, including bank loans, lines of credit, legal compliance, and ensuring financial transparency.
Set of Assurance Services
There are four types of assurance services:
- Audit: The highest level of assurance, necessary for businesses with substantial revenue. The CPA assumes the highest level of responsibility and the scope of the work required is extensive and detailed. In Puerto Rico, any entity with a volume of business above $3M is required to submit, together with tax returns, audited financial statements signed by a CPA (or an Agreed Upon Procedure).
- Reviews: Offering a medium level of assurance. The CPA must perform analytical work and inquiries to management to review financial statements and determine adjustments, if any. The scope does not include validating the information obtained.
- Compilation: Providing the minimum level of assurance. The CPA basically organizes and presents the information provided by management, according to the different financial statement standards.
- Agreed Upon Procedures: Custom-made reports conducted by independent CPAs.
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