Assurance Services
The most valuable asset of most business owners is their business. A business is often valued and judged based on the company’s financial results as depicted in the financial statements. Unfortunately, the accounting and reporting of business transactions can become rather complex and frustrating (especially with yearly accounting rule changes). Thus, many users of financial statements require a level of assurance on the financial statements. Assurance services reduce the risk that information presented is not materially misstated or misleading.
The Swanson Group LLC has the expertise and resources necessary to perform unbiased, independent and professional assurance services for a wide variety of business industries.
Assurance services are required for many reasons including:
- Obtaining financing
- Buying a new business
- Selling an existing business
- Mergers and Acquisitions
- Compliance with debt covenants
- Oversight of current business and internal control environment
- Improving the quality of information presented
There are various kinds of assurance services with the three most common types being: compilations, reviews, and audits.
A compilation presents financial results that are the representation of management in the form of financial statements. A compilation does not involve any assurance; it simply presents the financial results of the organization into financial statements based on generally accepted accounting principles.
A review consists of performing inquiries and analytical procedures to provide a reasonable basis for the auditor to express limited assurance that there are no material modifications that need to be made to the financial statements in order to be in conformity with generally accepted accounting principles.
An audit consists of examining, on a test basis, evidence supporting the amounts and disclosures of the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation to provide a reasonable basis for the auditor to express an opinion in conformity with generally accepted accounting principles.
Additionally, agreed upon procedures allows for a narrow focus audit/review on specific financial statement accounts (i.e. revenue). We can provide assurance on the quality of customer surveys, reasonableness of tax returns, etc.
