If you were to give assurance on a matter you are making a positive declaration intended to give confidence. At Woodman White & Associates we offer assurance services at all levels (review engagement, audit, etc.). When it comes to your financial statements the assurance we provide is based on the needs of the users of the information, which are most often lenders, management, investors, government departments and other stakeholders. In the area of accounting and financial reporting, one significant difference when referring to assurance is that we are not making a guarantee.
Our team at Woodman White & Associates also offers the non-assurance service of preparing compilation-based financial statements.
The team at Woodman White & Associates has the knowledge and experience to tackle your financial reporting needs at any level. Make an appointment to meet with one of our partners and let our team become a key member of your team.
In a compilation engagement, we do just what it suggests. We compile. We take the financial information provided from the bookkeeping level and compile it, make minor adjustments where necessary, and present that information in a set of financial statements. No assurance is given with a compilation. In fact, readers are cautioned that compiled financial statements may not be appropriate for their purposes. A compilation is often sufficient for owner-managed businesses with minimal external reporting requirements and limited to no financing obligations.
More extensive than a compilation, we will take the time to inquire about specific aspects of your business, analyze trends, discuss matters with management, and ensure accounting standards are complied with. With this level of work, we are able to report on the plausibility of the financial information presented. We include notes to the financial statements to provide greater support and information for the reader. Occasionally a lender will require this level of assurance as a condition of financing, or perhaps a varied ownership group deems this level of assurance necessary dependent on investment level and participation in management and day-to-day operations.
Audits provide the highest level of assurance for the financial statements of an entity. The majority of the work conducted for an audit is done on the business premises so we are in close proximity to all of the financial records, management and other key staff. We seek to intricately understand the operations of the business at all levels to better evaluate internal controls, accounting processes, and the accuracy of your accounting records. We will make recommendations throughout the process to assist you in the growth and success of your business.
Audits are required for all public corporations or other publicly-accountable entities (i.e. municipalities, health regions, school divisions).