An audit of financial statements by an independent accountant may be required for various reasons. For example, by a bank in support of a request for financing, or as part of the due diligence process in a buy/sell transaction. Also regulated companies may be required to provide annual audited financial statements as a condition of being licenced.
CCP Accountancy Services Limited is duly licenced to provide audit and accountancy services in the British Virgin Islands and the principals are properly qualified being members of Institute of Chartered Accountants in England and Wales as well as the Chartered Association of Certified Accountants in the UK.
As auditor it is our duty, after examining the books and records of the company, to provide an audit opinion to the shareholders as to whether the financial statements give a true and fair view of the operations of the company. In the end however the ultimate responsibility for the preparation and release of the financial statements lies with the management of the company.
A review is less extensive than an audit but is more extensive than a compilation and therefore, provides less assurance and credibility to the financial statements. A review consists primarily of enquiry, analytical procedures, and discussion, and can be useful for companies who are not mandated to file audited financial statements, however management or third parties (eg. Banks or lending agencies, etc.) want some assurance that the financial statements are reasonable.