What Are The Three Types Of Assurance Services?
“Assurance” refers to the level of confidence shareholders have that your business’ financial records will be reliable and conform to the United States Generally Accepted Accounting Principles (GAAP). There are three types of assurance services offered by our certified public accountants: audits, reviews, and compilations.
An audit provides the highest level of assurance that your financial statements are accurate, free of misstatements, and conform to the United States GAAP.
A review offers limited assurance that your statements are accurate. Reviews involve less measures and are subject to less examination than audits.
A compilation offers no assurance that your records are accurate. Compilations are typically for internal use and require less analysis than audits or reviews.