Assurance Services
Assurance services are independent professional services offered by CPAs to improve the quality or context of information for decision-makers. They involve reviewing and certifying various financial documents or transactions, such as financial statements, internal controls, information systems, performance, and quality. Assurance services reduce information risk and enhance confidence and trust.
Callison CPA assists with tax audits and reviews and provides compilation services for internal and external use. Our team also performs auditing and taxation assurance services that help clients adequately prepare for IRS business audits.
Tennessee Contractors who are applying for or renewing a license are now required to provide financial statements that have been reviewed by a CPA.
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A review provides limited assurance that the financial statements of an entity are free from material misstatement and are prepared in accordance with the applicable accounting standards. A review by a CPA is less extensive than an audit by a CPA, but it still involves performing some analytical procedures, making inquiries, and obtaining written representations from the management of the entity. A review results in a report that expresses a conclusion on whether anything has come to light that causes the CPA to believe that the financial statements are not fairly presented.
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A compilation assists the management of an entity in preparing and presenting financial statements in accordance with an applicable financial reporting framework. The CPA does not perform any procedures to verify the accuracy or completeness of the information provided by the management, and does not express any opinion or conclusion on the financial statements. The CPA issues a report that states that the CPA has compiled the financial statements based on the information provided by the management, and that the CPA has not audited or reviewed the financial statements and does not provide any assurance on them.
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