Our firm provides various levels of assurance services to meet all of your financial statement needs. Our professionals work closely with you to ensure the service we provide meets the needs of management, regulatory agencies, lenders, bonding companies, and other users of your financial statements.
KHA compiles financial statements from information provided by the client. Compiled financial statements do not include testing accounting records or providing any other form of assurance on the financial statements.
Reviews are commonly used by smaller businesses to meet the requirements of bonding companies or lenders. They generally provide the same services as a compilation plus a negative assurance that we are not aware of any material modifications that need to be made to the financial statements. Procedures consist primarily of inquires of company personnel and analytical procedures applied to financial data. A review does not include any tests of accounting records or certain other procedures performed during an audit.
Audits provide reasonable assurance about whether financial statements are free of material misstatement. Procedures include the examination, on a test basis, of evidence supporting the amounts and disclosures in the financial statements. An audit also includes an assessment of accounting principles used and significant estimates made by management, as well as an evaluation of the overall financial statement presentation.
Agreed Upon Procedures and Other Nontraditional Engagements
We also offer many specialized assurance services, including agreed upon procedures engagements specifically designed to address the needs of a particular client.