The Three Types of Attestation Services Provided By CPAs

If a person is owning a business, he/ she must be very well aware of the importance of a CPA. Because managing a business is not a cakewalk. There are a lot of things that have to be kept in mind, and hiring a CPA makes it just a little bit easier.
Certified Public Accountants (CPAs) are licensed professionals who have the required expertise to handle affairs such as accounting and taxation. And for a business, these two aspects happen to be very important. That is one of the chief reasons why businesses prefer hiring CPAs to do their tax services in West Hollywood.
However, in this excerpt, we are going to deal with the three types of attestation services provided by CPAs. So without further ado, let’s begin.

What are Attestation Services?

First, let us acquaint ourselves with what attestation services are.
An attestation service, also known as attest service, is like an independent review of a particular company/ business’s financial statements. And this whole thing is done under the supervision of a CPA.
After the work is done, the CPA presents the attestation report and also comments and draws some conclusions on the reliability of the data that comes out as a result.
The standards of attestation services are set by the American Institute of Certified Public Accountants (AICPA). Quite recently, the standard regulations have been updated and now portray a wider range of attested services that is unrelated to financial matters.
Tip: A licensed CPA is also trained to perform tax services in West Hollywood. So, consider hiring one if you have a business and have reached the end of a financial year.

The Three Types of Attestation Services

Now let us look at the three types of attestation services that CPAs provide us with-

Audits

One of the highest levels of attestation services provided by CPAs is auditing services. An audit generally means to check whether a company’s/ business’s financial reports are verified and correct. And this is performed by assessing internal controls, discussing with the management, and observing analytical procedures.

Reviews

Reviews are nothing more than assessing a company’s/ business’s financial books and records with the help of a set of analytical procedures. Such procedures include comparing current books with prior ones.

Compilations

This is by far considered to be one of the lowest levels of attestation services that a CPA provides. Compilation means collecting the books and records of a business without any kind of verification, and also without following any regulatory processes.
Other than the attest services, there exist non-attested services as well. And those services include — Internal Audit, Internal Control Design, Tax Servies in West Hollywood, Management and Business Consulting, etc.
A CPA in all regards stands out higher than general accountants, and not just because of their degree. It is the grit, determination, dedication, and constant evolution with regulations that make these professionals best-in-class.