{"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"What's the difference between an audit, review, and compilation?","acceptedAnswer":{"@type":"Answer","text":"

Audit: Full assurance, includes risk assessments, internal control testing, and substantive procedures.
Review: Moderate assurance, based on inquiries and analytics.
Compilation: No assurance, just formatting and presenting financial data.

\n
\nLearn more by visiting our Audit of Financial Statements, Review of Financial Statements, or Compilation Services.

"}},{"@type":"Question","name":"Who typically requires a financial audit?","acceptedAnswer":{"@type":"Answer","text":"

Audits are often required by:\n

Lenders (banks, private equity firms)
Government or grant agencies (for nonprofits)
Internal boards or outside investors

\n
\nIf you're not sure, contact us and we'll help assess your situation.

"}},{"@type":"Question","name":"Can I upgrade from a compilation to a review or audit later?","acceptedAnswer":{"@type":"Answer","text":"

Yes. Many clients begin with a compilation or review and move to an audit as their business grows or their reporting needs evolve. Orsak CPAs makes transitioning between service levels simple and seamless.

"}},{"@type":"Question","name":"Are these services GAAP compliant?","acceptedAnswer":{"@type":"Answer","text":"

Yes - all of our audit, review, and financial statement preparation services follow Generally Accepted Accounting Principles (GAAP) and professional standards set by the AICPA.\n
\nNeed help implementing GAAP internally? See our GAAP Implementation service.

"}},{"@type":"Question","name":"Do you serve nonprofits or trusts?","acceptedAnswer":{"@type":"Answer","text":"

Absolutely. We frequently provide audit and assurance services for Texas-based nonprofits, foundations, and estates. We understand their unique reporting needs and governance requirements.

"}}]}