Financial Statement Preparation & Assurance

At Irwin Financial Associates, we offer different levels of financial statement assurance to meet the varying needs of our clients. These levels are:

1. Compilation: This is the most basic level of service where we assist clients in presenting their financial information in the form of financial statements. However, we do not provide any assurance or verification on the accuracy of the information.
2. Review: At this level, we perform analytical procedures and make inquiries to provide a moderate level of assurance that the financial statements are free from material misstatements. While a review provides limited assurance compared to an audit, it can be sufficient for certain needs.
3. Audit: An audit is the highest level of assurance we offer. It involves a comprehensive examination of the financial statements, including confirmation of account balances and a thorough assessment of internal controls. An audit provides the highest level of assurance to users of the financial statements.

Each level of assurance is tailored to meet specific requirements and provide clients with the confidence and credibility they need in their financial information. With each level described above, you will receive a copy of your financial statements together with the corresponding report from our CPA firm regarding your financial statements and a description of the procedures that we performed that you can share with third parties. Our experienced team is dedicated to delivering the highest quality service at every level of financial statement assurance.

As a condition of performing audits, our firm is subject to the AICPA peer review process. This process involves an independent evaluation of our firm's accounting and auditing practice by peers from another CPA firm that also has experience performing similar work. The peer reviewer conducts an in-depth examination of our firm's audit workpapers, procedures, and compliance with professional standards and regulatory requirements. During the review, the peer reviewer assesses our firm's adherence to generally accepted auditing standards (GAAS) and any industry-specific regulations. They also evaluate our firm's quality control systems and documentation practices. Upon completion of the review, the peer reviewer provides a report outlining their findings and recommendations for improvement, if necessary. We are then required to address any identified deficiencies and implement corrective actions within a specified timeframe. A copy of our firm’s most recent peer review report is available here.