Assurance & other CPA services

Our services

Audit

In a financial statement audit, we plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free of material misstatement and are fairly presented in accordance with U.S. Generally Accepted Accounting Principles. We select procedures based on our judgment, which may include inquiry, physical inspection, observation, third-party confirmation, examination, and other procedures. Audits may be required by lenders, investors, and other stakeholders. Our audits are performed in accordance with the AICPA Statements on Auditing Standards, which is referred to as Generally Accepted Auditing Standards, or GAAS. Socorro Partners is driven to perform audits with the highest level of quality to build and maintain trust with our clients and their stakeholders. Our team has experience across a wide array of industries and successfully undergone inspections and peer reviews and participated as inspectors and peer reviewers themselves. Delivering quality audits is core to our purpose.

Our team has experience auditing:

  • Portfolio companies of private equity firms
  • Private businesses, including family-owned businesses
  • Nonprofit organizations
  • Benefit plans (full and limited scope), including defined benefit and 401(k) plans

Agreed-upon procedures

In an agreed-upon procedures engagement, commonly referred to as an AUP engagement, we would be engaged to issue a report of findings based on procedures agreed upon between us and the client or other specified parties at the outset. In an AUP engagement, we issue a report, but we do not express an opinion or a conclusion on the subject matter.

Preparation

In a preparation service, we would prepare financial statements in accordance with the AICPA Statements on Standards for Accounting and Review Services using our knowledge of the client and its business. We are not required to determine if we are independent of the client, nor would we be required to issue a report on our services.

Review

In a review of financial statements, we seek to obtain limited assurance as a basis for reporting whether we are aware of any material modifications that should be made to the financial statements in order for them to be presented in accordance with U.S. Generally Accepted Auditing Standards, or another applicable financial reporting framework.
A review is substantially less in scope than an audit and is more commonly performed for private companies required to provide financial statements to banks, creditors, potential acquirers, or other stakeholders. Reviews of financial statements are conducted in accordance with the AICPA Statements on Standards for Accounting and Review Services, except for reviews of certain interim financial information that are conducted in accordance with the AICPA Statements on Auditing Standards.

Compilation

In a compilation engagement, we apply our accounting and financial reporting expertise to our clients in the presentation of financial information, but we do not seek to obtain or provide any assurance that there are no material modifications that should be made to the financial statements.

Additionally, we are required to determine whether we are independent of the client for which we are performing the compilation, and we would include this independence determination in a report issued in accordance with the AICPA Statements on Standards for Accounting and Review Services.

Examination

Examinations are audit-level engagements designed to provide a high level of assurance on information other than historical financial statements. Examinations are performed in accordance with the AICPA Statements on Standards for Attestation Engagements, and might be performed on information related to a variety of business matters, including security and privacy controls, sustainability, greenhouse gases, and eXtensible Business Reporting Language (XBRL).

Latest posts

Our latest content,
straight to your inbox.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.