Audit & Assurance Services
SP&Co has been providing audit, review, compilation, and assurance services to their clients since their inception in 1978. We have performed hundreds of audits of municipal governments and not-for-profit organizations including single audits when required. Below is a brief description of the differences between the services.
Audited financial statements provide the user with the auditor’s opinion that the financial statements are presented fairly, in all material respects, in conformity with the applicable financial reporting framework. The auditor is required to obtain an understanding of the entity’s internal control, and assess fraud risk. The auditor obtains a high, but not absolute, level of assurance.
Reviewed financial statements provide the user with the comfort that, based on the review, the accountant is not aware of any material modifications that should be made to the financial statements for the statements to be in conformity with the applicable financial reporting framework; limited assurance.
This is the most basic level of service that accountants provide with respect to financial statements. The accountant does not obtain or provide any assurance that there are no material modifications that should be made to the financial statements. The objective of a compilation is to assist management in presenting financial statements without undertaking to provide assurance.
Entities that receive federal funds including state, local governments and not-for-profit organizations are subject to audit requirements commonly referred to as "single audits" under the Single Audit Act of 1984, as amended in 1996.
CONTACT: FRED DUPLESSIS, SHAREHOLDER, AUDIT SERVICES