Financial Audits, Reviews & Compilations
BBW Insists on Providing the Highest Value for Your Dollar.
Blair, Bohlé & Whitsitt helps each client attain the type of Financial Statement that satisfies what the situation requires and the budget allows.
Financial Statement Audits
BBW uses a risk-based approach to providing audit services that focuses energy on the most important areas of your business. This approach, coupled with the use of green technologies, results in a streamlined audit approach that is both effective and efficient for the firm and BBW clients.
BBW’s approach to audits includes a preliminary phase where the Assurance team plans the audit by assessing risk and through the performance of internal control testing and other procedures prior to year end that enables tailoring of the audit and focusing of efforts in the appropriate areas.
The benefits of the BBW approach include:
- The identification of significant internal control issues at an earlier stage in the audit process that can be communicated to management.
- The identification of complex areas that can be addressed with clients before the end of the year.
The fieldwork phase in the BBW audit approach includes work at the client location after the end of the year. Because of the amount of work performed in the preliminary phase, BBW is able to efficiently and effectively use the fieldwork phase to minimize the amount of disruption to staff at client locations.
Financial Statement Reviews
When a financial statement audit is not necessary or required to meet the client’s needs, BBW finds that a financial statement review may be more appropriate. A review is much less intensive than an audit and may be adequate for organizations that must report financial performance to third parties, such as creditors or regulatory agencies. Reviewed financial statements may also be useful to business owners who are not actively involved in managing their companies.
In performing a review of financial statements, BBW makes inquiries of management and applies various analytical procedures to determine if financial statements appear reasonable. BBW’s review report provides limited assurance that no material changes need to be made to the financial statements for them to be in accordance with generally accepted accounting principles.
Financial Statement Compilations
A compilation is the least extensive and expensive of the three types of reports BBW provides. A compilation may be useful to small, privately held organizations that need help in preparing financial statements. In a compilation, BBW reads financial statements and makes sure there are no obvious errors (such as incorrect titles) in the statements. No assurances are provided with compilations, about the underlying financial information.