Understanding Attest Services for Your Small Business

Attest Services are an often over looked part of an accountant’s job. These services are designed to express different levels of assurance on the accuracy of the financial statements presented.

As the professionals at Broussard Poché, LLP know, attest services can be needed for a variety of reasons. Things like:

  • Business financing
  • Selling a business
  • Exploring venture capital
  • Government contracts
  • Startups using crowdfunding

At Broussard Poché, LLP we provide three levels of attest services. Each type of financial statement report may suit specific circumstances, depending on requirements from your bank or other parties, as well as meet budgetary needs. Understanding each report’s unique strengths and weaknesses can help you choose the most appropriate one.

  • Audit (highest level)- This is used to provide creditors, investors, etc with assurance about your company’s financial statements. This is a thorough review and takes time to complete. The auditor will express an opinion about the finances for a third party’s review.
  • Review (limited)- The next level is called a review. The goal is similar to an audit but is not as time consuming or all encompassing. Reviews are usually meant for lenders and outside parties who need assurance with regard to financial statements. The auditor will express an opinion about the finances for a third party’s review.
  • Compilation (lowest level)-   This is the most affordable option to small business owners. This is when an accountant reports on financial statements, but in this type of attest service, the accountant will not express any assurance on those statements.

We can also provide other types of procedures for special circumstances:

  • Due Diligence
  • Agreed Upon Procedures
  • Internal Control Assessment

Now that you understand when attest services might be helpful and know a bit about each service, you can make an informed decision about what is necessary for your business. Contact the team at Broussard Poché, LLP for more information.