The terms "assurance" and "audit" are sometimes used loosely to define any review of your financial statements by an independent CPA firm. There are three levels of service which can be performed: compilation, financial statement review and audit. Which one you need is based on the type of organization you are, your government requirements and your banking relationship.
Many organizations call on us to audit their financial statements to provide them with the type of assurance usually required to obtain bank loans or additional equity for regulatory purposes, and to offer a company's board of directors and management vital information for internal decision making.
In a review, the CPA applies analytical procedures to a company's financial statements and makes inquiries of management in order to issue an accountant's review report on the company's financial statements. An accountant's review report is far less in scope than an audit and may be used by a variety of third parties, including banks, creditors or regulatory agencies.
In a compilation engagement, the CPA assembles financial statements using the client's data but does not provide assurance on the financial statements.
Sassetti does much more than examine financials and independently attest to the proper reporting of results. Our team is comprised of experienced professionals who have developed a business perspective to identify opportunities, recognize problems and formulate solutions. Our professionals examine the larger picture and help stakeholders assess the financial and operational needs of their businesses.