At Homa-Pabon & Company, we understand that running a business takes timely, reliable information — and that accurate financial statements are the foundation of informed decisions. We deliver the highest level of assurance services — audit, review, and compilation — specializing in small to mid-size non-public companies.
Our Services Request a ConsultationWe use a risk-based auditing approach to identify the areas most likely to lead to misstatement of the financial statements. Every engagement begins with understanding your operations and the internal controls within your accounting and finance activities — then we tailor our audit program to fit your company, not the other way around.
At the close of the audit, we deliver a management letter describing any internal control weaknesses, with specific, practical recommendations for improving operations and efficiency. Throughout, you can expect a timely, thorough, and cost-effective engagement from a team of CPAs with relevant industry experience — and minimal disruption to your accounting and finance staff.
The attest and audit services your company requires should do more than give you confidence in your financial reporting. They should help you maintain transparency, reduce risk, and fine-tune your policies and procedures.
Three services, three levels of assurance. Whichever your company requires, every engagement is performed by experienced CPAs and designed around your business.
An audit is the most comprehensive service we offer. We independently test internal controls, verify transactions with third parties, and closely examine supporting documentation. This rigorous process allows us to express an official opinion that your financial statements are fairly presented and compliant with Generally Accepted Accounting Principles (GAAP).
A review sits in the middle and is significantly less extensive than an audit. Rather than testing internal controls, we apply analytical procedures — such as comparing trends — and make inquiries of management to ensure the financials make sense. We then issue a report providing “limited assurance” that no material modifications are needed.
A compilation is the most basic and cost-effective option. We take your internal financial data and organize it into standard financial statement formatting. Because no verification, analytical procedures, or testing is performed, no assurance or opinion is provided to third parties, and the CPA explicitly disclaims responsibility for the accuracy of the statements.
A simple way to think about the three services: small (compilation), medium (review), and large (audit). They differ chiefly in the scale of required procedures, the time to complete the engagement, and the level of detail involved.
| Audit | Review | Compilation | |
|---|---|---|---|
| Assurance Level | The most assurance that financial statements are free from material misstatements. | A limited level of assurance. | No assurance is provided. |
| Dependence on Management | Begins with management’s general ledger balances, with comprehensive confirmation of some of this data. | Minimal testing of supplied information. | Mainly dependent on facts and figures provided by management. |
| Internal Controls | Includes obtaining an understanding of internal control relevant to the audit — to design appropriate audit procedures, not to express an opinion on control effectiveness. | No testing of internal controls. | No testing of internal controls. |
| Hours to Complete | A substantial number of hours due to required audit procedures. | Much fewer hours than an audit. | Comparatively minimal time. |
| Cost | The highest cost — more time, procedures, and information. | Tends to land somewhere in the middle. | Requires the least time and cost. |
Accountants typically bill by the hour or by the size of the engagement, so cost tracks closely with the depth of procedures each service requires.
Start with the level of assurance you need. An audit provides the most comprehensive assurance, a review offers an intermediate level, and a compilation — the least expensive option — provides none, since no opinion is expressed on the financial statements.
In some cases, a lender, investor, or regulator requires an audit — which makes the decision simple. Otherwise, weigh your assurance needs against your budget and timeline so your business gets the most benefit from its financial statement preparation.
Tell us about your company and its reporting requirements, and we’ll help you determine whether an audit, review, or compilation is the right fit — and what it will take to get it done on your timeline.
6422 S. Quebec St.
Centennial, CO 80111
Agnieszka (Aga) Homa, CPA
(303) 667-6814 · ahoma@homapabon.com
Dominika Pabon, CPA
(516) 707-4486 · dpabon@homapabon.com
Monday – Friday, 8:00 AM – 5:00 PM
Tell us a little about your company and we’ll respond promptly.
