The three levels of assurance are briefly summarized below. Please get in touch with us, and we’ll assist you choose the best way to proceed.

Audit

The highest level of assurance is provided by an audit, the main goal of which is to form a judgement on the financial statements’ fair presentation. To create an audit plan and adhere to generally accepted auditing standards and goals, Sudhir Tax uses a risk-based audit approach. Our job include learning about your company’s operations, including internal controls, testing certain transactions, and liaising with other parties. We publish a report on whether the financial statements accurately reflect the company’s financial status in all key aspects based on our conclusions. We will convey any shortcomings in internal controls to management and others responsible for governance as part of the audit process, and we will offer suggestions to improve your company’s operational effectiveness.

Review

The objective of a review engagement is to acquire a limited assurance that the financial statements don’t need to be materially modified in order for them to comply with generally accepted accounting standards. A review is more involved than a compilation but less thorough than an audit. Inquiries to management and analytical processes make up the majority of a review engagement. We might need to take extra steps if the financial statements or the accompanying data seem contradictory or otherwise dubious. A review does not include a thorough analysis of your company’s internal controls or external data validation. All required footnotes and other disclosures shall be included in the reviewed financial statements.

Compilation

We are frequently hired to generate financial accounts without offering an opinion or giving any assurances. Compilations don’t need management or analytical process questions. Instead, in order to put together the financial accounts, we rely on our familiarity with accounting concepts and a basic knowledge of your company.