Attestation Services: Getting Familiar with Attestation Services
Attestation
services are like the verification of the company’s financial statements and
are usually done by the Certified Public Accountant.
Basically,
there are three types of attestation services:
·
Compilation
·
Review
·
Audit
Compilation
When a
company asks the CPA to prepare the financial statements, it is known as
compilation. Usually, small companies or businesses go for this, as they don’t
have a separate staff for accounting.
Review
The
second level of scrutiny in attestation services is review. Reviews are
basically like the surety given by the CPA to the third-party lenders, that
there is no mistake in the financial statements of the company and are
following the GAAP.
Audit
Audits
are the most important part of attestation, and a lot of time is required in
the level of scrutiny of the company’s financial statements.
It is
more costly than the other types of attestation services as the CPA will charge
you more for giving a good amount of time to your audit.
The
audit is basically used to give assurance to the investors and creditors that
your financial statements are free of misstatement.
ü
A company can get
more involved in the audits by:
ü
Preparing audits and
giving them to auditors for review
ü
Documenting the
accounting procedures and policies
ü
Giving best possible
answers to the CPA’s questions
ü
Providing footnotes
to all of the company’s financial statements
Getting attestation services in Dubai is
not a problem, as many companies offering one of the best attestation services.
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