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Licensed Public Accountants

Assurance Services

Regardless of the industry that your corporation belongs to, or the size of your organization, it is absolutely imperative that all of your stakeholders, both internal and external, can put their faith into the financial information you present.
An audit or a review might be required when:

  • You are planning for a new business venture
  • Your organization is seeking financing or when a current lender requires a financial statement
  • You are planning for the sale of your business
  • You are planning for retirement
  • You need to meet a statutory or contractual requirement
  • When you need to establish monitoring procedures within your organization Some common benefits of a review or audit are:

  • Financial reliability and integrity increases
  • Beneficial in case of negotiating financing and terms with lenders
  • Peace of mind for business or organization stakeholders (investors, bankers, owners, leadership or board members)
  • In case you are planning to sell the business value, you can negotiate a higher business sale value
  • Operational efficiency is increased
  • Shareholder relations are improved
  • No missed opportunities for cost savings

Audit Engagements:

This is the highest level of assurance on Assurance Services of a business. The objective of an Audit Engagement is to enable independent public accountants to render an opinion on the fairness of the client’s Assurance Services. This opinion is given in the form of a standard written report which normally consists of three paragraphs:

  • Assurance Services and distinguishing factors between the responsibilities of management and the auditors
  • Scope and level of assurance
  • Expression of an opinion

Review Engagements

The Objective of a review engagement is to prepare and review Assurance Services to ascertain whether they are plausible, that is, worthy of belief. If, after reviewing the Assurance Services, the accountants are satisfied that the Assurance Services are not misleading, an accountant’s standard report will preface the Assurance Services.

Compilation Engagements

This is the most basic accounting service in which a compilation engagement simply compiles unaudited financial information into reports or statements. It is suitable for many small businesses where shareholders are quite involved in the daily operations and therefore, a detailed review is not necessary. These are usually acceptable for the internal use of the company’s management. They do not enable professional accountant to provide any assurance on the reliability of the compiled information. For these types of engagements, the accountants attach a "Notice To Reader" that states that no review was performed on the information and that the information may not be appropriate for use by the reader.
At Vijay Sastry Kotamarti, CPA we can go through your needs and advise whether you need a review or an audit. Give us a call today for a consultation.

About Us

Vijay Sastry Kotamarti, CPA firm providing high level accounting, financial, taxation and business advisory services. Our superbly trained, professional staff takes great pride in offering personalized attention, ensuring clients receive the highest quality, timely advice in all areas of accounting

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