Audit & Assurance
Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company.
There are three have different levels of risk tolerance. WCA provides different levels of assurance to meet your needs and subsequently, your stakeholders' wants and needs.
Audit - Highest Level of Assurance
An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or established by general practice.
Review - Limited Level of Assurance
Less extensive than an audit but more involved than a compilation, a review engagement consists primarily of analytic procedures applied to the financial statements. Various inquiries are also made of your company's management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, the team at WCA will assist in helping you make the correct decision to take the next step.
Compilation - Lowest Level Assurance
In compiling financial statements for a client, WCA presents information that is the "representation of management" and expresses no opinion or assurance on the statements. Compilations don't require inquiries of management or analytic procedures. Instead, we rely on our knowledge and expertise of accounting principles and a understanding of your business.
The Importance of Organizational Structure
Today’s environment calls for a greater collaboration and strong relationship between the auditor and the auditee at all levels. Therefore, the trend is moving towards developing a structure that facilitates healthy environment. This will encourage free flow of information regarding any issues or concern between the auditee and the auditor. At WCA, we strive to keep open communication between our audit team and clients. Give us a call today so we can give you a peace of mind by performing an evaluation for your company.
430 Chestnut Street, 4th Floor
Chattanooga, TN 37402