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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