Audit & Assurance | Phoenix | Wallace Plese + Dreher

Services

Audit and Assurance

Overview

Integrated Audit, Assurance and Tax Services

Our integrated audit, assurance and tax services provide the most efficient client service. Our clients have told us we are unique in this service delivery in comparison to other accounting and CPA firms.

Our goal is to build confidence in your financial statements, provide information for internal control and management opportunities, and identify potential risks. We carefully and thoughtfully provide the most useful information and guidance.

A growing business may be asked by a third party, a banker, investor, creditor or buyer, for audited financial statements. Often, they are requesting assurance that the financial statements provided by your business are reasonably accurate and free of any major oversights or material errors.

Frequently Asked Questions

Does a compilation provide assurance?

A compilation does not provide any assurance. Outside accountants assist with presentation of financial statements according to certain professional standards. It may be useful for you; however, a third party like a bank may need an additional level of assurance for lending purposes.

What is the difference between a review and an audit?

A review is the most common form of assurance of financial statement accuracy for small businesses. It is not an audit, less extensive, and provides limited assurance that your financial statements conform with generally accepted accounting principles (GAAP).

An audit is the highest level of assurance that a CPA performs in order to obtain reasonable assurance about whether the financial statements are free from material misstatement.

When is an audit appropriate or required?

As the highest level of assurance, an audit typically is appropriate and often required when seeking complex or high levels of financing and credit. An audit also is appropriate when seeking outside investors or preparing to sell or merge with another business.