Audit & Assurance
Accounting, Audit and Assurance services are core strengths for KRD. As members of the AICPA and Illinois CPA Society, our highly trained team members are committed to the highest standards of service and integrity; they are experienced professionals.
KRD provides audit services to privately held companies. We help you determine the best type of assurance service for your situation: an audit, review or compilation. By evaluating your situation, we can help you save time and cost while providing a quality audit service that results in improved operations, accurate financial statements for future financial transactions.
Audits – are the highest level of assurance services. As required by auditing standards generally accepted in the U.S. (GAAS), KRD obtains an understanding of the entity’s internal control and fraud risk. The report provides an express opinion that the financial statements are presented fairly, in all material respects, and conforms with the generally accepted accounting principles (GAAP) – or another financial reporting framework. KRD performs audits for clients who require an auditor’s opinion on the financial statement to satisfy outside parties like potential buyers, investors, and banks.
Reviews -- provide the owner/management comfort, based on the CPA’s review, that there are no material modifications that should be made to the financial statements in order to be in conformity with the applicable financial reporting framework. A review does not contemplate obtaining an understanding of the entity’s internal control; assessing fraud risk; testing accounting records; or other procedures normally performed during an audit.
Compilations – this is the most basic level of assurance services. KRD assists management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that material modifications are necessary. KRD confirms that the financial statements comply with Statements on Standards for Accounting the Review Services (SSARSs).