Swink, Fiehler & Company’s team of professionals will combine their technical expertise with sound business judgment to help you meet reporting requirements and provide timely information to manage your business. We are committed to your success. We have over 30 years of experience, in a variety of industries, providing traditional assurance services, including audits, reviews, compilations and agreed-upon procedures in the following areas:
Statement on Standards for Attestation Engagements (SSAE) No. 16, formerly known as Statements on Auditing Standards No. 70 (SAS 70), Service Organizations, prescribes the guidance for an independent auditor to examine and report on a service organization’s internal controls for financial reporting.
New Approach
The AICPA has developed a new approach to offer alternative solutions for reports designed to provide users of third-party services comfort around relevant business controls. The result is a new reporting model: AICPA Service Organization Control (SOC) reports.
How Can Swink, Fiehler & Company Help You Report on Controls?
Our experienced team of auditors and IT professionals work together to help you determine the best reporting approach for your organization’s needs. We take the time to understand your system of controls and reporting requirements and to design and perform appropriate tests to meet the expectations of your customers, vendors and other third-parties who utilize your Service Organization Report.
Related Link: www.aicpa.org/SOC
| Service | Authoritative Guidance | Level of Assurance | Scope/Objective |
|---|---|---|---|
| Audit | An audit is the highest level of attest service. By definition, it is conducted in accordance with generally accepted auditing standards (GAAS). | The objective of an audit is the expression of an opinion on the financial statements taken as a whole. | An audit involves examining on a test basis, evidence supporting amounts and disclosures in the financial statements to support expression of an opinion on the financial statements taken as a whole. |
| Review | A review is conducted in accordance with Statements on Standards for Accounting and Review Services (SSARS) issued by the AICPA and is substantially less in scope than an audit. | No opinion is expressed on the financial statements taken as a whole; rather, we express “negative assurance”. | Review procedures consist principally of inquiries and analytical procedures sufficient to express limited assurance that no material modifications are necessary. |
| Compilation | A compilation is conducted in accordance with SSARS issued by the AICPA and is limited to presenting in the form of financial statements information that is the representation of management. | No opinion or other form of assurance is expressed in a Compilation report. | The objective of a compilation engagement is to assist management in presenting financial information in the form of financial statements. |
| Agreed-Upon Procedures(AUP) | Engagements for Agreed-Upon Procedures (AUP) are performed in accordance with Statements on Standards for Attestation Engagements issued by the AICPA. | No opinion or other form of assurance is expressed. Findings are reported based on circumstances where limited procedures are necessary to meet a specified objective. | Agreed-upon procedures are designed to achieve a specific objective. |