Every business needs to measure their financial position to effectively make informed decisions, evaluate performance, and determine their financial goals. Whether your business wants assistance with internally prepared financial statements or needs CPA-prepared financial statements to obtain third party financing, we can provide the financial statement service you need.
A review consists of a compilation engagement plus an increased understanding of your business's activity. We would make additional inquiries of client personnel and perform analytical procedures to obtain limited assurance that the financial statements are free of material misstatements. A review represents a medium level of financial statement services and is often the level of service required by banks who extend larger loan arrangements.
An audit is the third and highest level of financial statement assurance. Work consists of a compilation and a review plus a variety of additional audit procedures such as confirmation of your bank and accounts receivable balances. Although occasionally required by outside investors, lenders, and securities laws, most small businesses find that a compilation or a review meets their needs. If you require an audit, we can provide you with a referral.
A compilation engagement consists of assembling your business's financial information in financial statement format. We will request additional information if the information appears inaccurate or incomplete, but the statements are the representation of your management team and we would not be verifying the accuracy or completeness of the underlying data. This is the minimum level of financial statement preparation.