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Assurance Services
D. Brooks and Associates performs audits and reviews under AICPA standards for privately held entities ranging from start-up enterprises to large corporations. We can provide external use financial statements at three levels of assurance.
Compiled Financial Statements
We prepare financial statements using information provided by you without verification. We are still required to gain an understanding of your business to allow for an appropriate assessment of relevant accounting and reporting matters. Compiled financial statements are often requested by state or local regulatory entities that request the use of an outside CPA, but not level of assurance.
Reviewed Financial Statements
We provided limited assurance, referred to as "negative assurance". That is, in performing our review procedures, which involve primarily applying analytical review, inquiries of management, and review of key agreements, we did not become aware of circumstances that would cause the financial statements to be materially misstated. Periodic reviewed financial statements are often a requirement in small business loan agreements.
Audited Financial Statements
We more substantive testing of transactions, and verify significant transactions and balance through appropriate audit evidence, and ultimately issue opinion that the financial statements are free of material misstatement. Periodic audited financial statements are often required by investors and lenders.
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