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Audit Services

An audit is the most comprehensive of the three types of report. To conduct an audit, the accountant analyzes the financial statements by verifying information through outside parties; making physical record inspections; and testing sample transactions by examining supporting documents. Unlike either a compilation or a review, an audit will result in the accountant rendering an opinion at its conclusion of reasonable assurance that the financial statements are not materially misstated.

A review is less complex that an audit. The objective of a review is to obtain limited assurance that there are no material modifications that should be made to the financial statements, in order for them to be in compliance with generally-accepted accounting principles (GAAP).

A compilation is the simplest of the three reports. It results in the preparation of the association’s financial statements, without the accountant providing any assurance of whether the statements are reasonably stated, or whether the statements are prepared according to GAAP.