Attest Services

Audited Financial Statements

An audit is the highest level of assurance a CPA can provide. Extensive testing of account balances and other assertions contained within the financial statements are performed. An understanding of the entity and the internal control environment are obtained. All audit services are performed in accordance with auditing standards generally accepted in the United States of America (GAAS). The goal of an audit is the issuance of an independent audit report giving reasonable assurance that the financial statements are free of material misstatements and that the financial statements are in conformity with an applicable financial reporting framework, such as accounting principles generally accepted in the United States of America (GAAP) or a special purpose framework (e.g. income tax basis or cash basis of accounting).

Reviewed Financial Statements

A review is less intensive than an audit. Analytic tools and inquiries of management are the primary activities performed, along with obtaining an understanding of the entity and the components of the financial statements. All review services are performed in accordance with the Statements on Standards for Accounting and Review Services (SSARS). The goal of a review is the issuance of an independent accountant’s review report providing limited assurance that there are no material misstatements in the financial statements and stating that the CPA is not aware of any material modifications that should be made to the financial statements in order for them to be in conformity with the applicable financial reporting framework (e.g. GAAP or a special purpose framework).

Compiled Financial Statements

A compilation does not involve any assurance or testing of the financial statements and can be performed by a CPA that may or may not be independent with respect to the client.  All compilations services are performed in accordance with the Statements on Standards for Accounting and Review Services (SSARS).  A compilation involves assisting a client in presenting financial information in the form of financial statements that are in conformity with an applicable financial reporting framework (e.g. GAAP or a special purpose framework) and issuing an accountant’s compilation report stating that no assurance is provided on the financial statements.

Prepared Financial Statements

A preparation is the least intensive financial statement service available through a CPA.  A CPA is not independent with respect to the client in a preparation engagement. A preparation does not involve any testing, assurance, or reporting on the financial statements, but involves presenting financial information provided by the client in the form of financial statements that are in conformity with an applicable financial reporting framework (e.g. GAAP or a special purpose framework).

Agreed-Upon Procedures

In addition to the services provided above, Hanson & Co. performs a broad scope of individually tailored agreed-upon procedures attestation services. An agreed-upon procedures engagement involves outlining with the client specific procedures which the CPA will perform and issue a report of findings on, without providing an opinion or conclusion on the results. Due to the open-ended nature of such an engagement, the scope and objectives of the procedures to be performed are clearly identified and communicated prior to starting the project. A CPA must be independent with respect to a client in order to perform an agreed upon procedures engagement.

At Hanson & Co., we are committed to maintaining excellence and quality as we serve our clients.  As a part of this commitment, we voluntarily began participating in the Peer Review program in 1998. CPA firms use these reviews as a measure of the quality of work provided. Initiated and reviewed by the American Institute of Certified Public Accountants (AICPA), the process involves other CPAs “auditing” our work and quality management procedures, resulting in an opinion being issued on our performance.   You can find our most recent Peer Review Report at https://peerreview.aicpa.org/public_file_search.html, Our Firm Number is 900010028869.