Whether you are in the process of obtaining a personal or business loan, looking for business partners and investors, your business meets the volume thresholds established by the Puerto Rico Treasury Department “Hacienda”, or simply because you want to ascertain that the financial information of the business is accurate, attestation services may be necessary.
A review provides limited assurance. This is a service where the auditor obtains limited assurance that there are no material modifications that need to be made to the company’s financial statements for them to be in conformity with the applicable financial reporting framework. This might be a good middle ground without the work and expense of an audit.
A compilation provides the lowest level of assurance. The auditor presents information as represented by management and express no opinion or assurance on the financial statements. These services are typically required by lenders as part of their lending covenants.