CHURCH CPA
SERVICES
Financial Statement Compilations
Compilations provide no assurance, and are akin to an unaudited statement. A compilation consists of assisting in the preparation of the church financial statements. Moreover, making certain that the data is in the correct format and clerically accurate.
Financial Statement Reviews
Reviews provide a much lower degree of assurance than audits. A review includes inquiries and analytical procedures, which allows the expression of limited assurance that there are no material changes. While a review doesn’t provide the same degree of assurance an audit, some financial statement users may find it an acceptable alternative.
Financial Statement Audits
Audits provide the highest degree of assurance for evaluators. It includes the use of various techniques to verify the accuracy of the information in the statement, the expression of an opinion on the fairness of the financial statements and also providing assurance that the underlying data has been tested. Written assurance is provided that the financial reports are ‘fairly presented in conformity with generally accepted accounting principles (GAAP).’
