Financial Statements
There are four different levels of assurance Woods CPA provides for financial statements.

Audits
Audits provide the highest level of assurance and are typically done to comply with third-party requirements. Audits include an in-depth examination into what is comprised in the financial statements, including individual transactions, liabilities, assets, receivables, and payables. During the audit, we ensure that all items in the financial statements are materially correct.

Reviews
Reviews are a step down from a full scale audit. Reviews are less in-depth and rely more on analytical review than an audit where individual transaction test work is performed. Reviews take substantially less time and cost less as well. With a review more responsibility of preparation, presentation, and completeness is placed on management than with an audit.

Agreed-upon Procedures
Agreed-upon procedures are similar to reviews; however, we only look into items specific to your concerns or needs.

Compilations
Compilations provide the least amount of assurance. Completions are typically performed for presentation purposes and internal use; they are not provided to third parties. Most often the notes for the financial statements are excluded as these are typically used for management use only.