This level involves our summarizing data supplied by you in the format of financial statements. Financial statements usually consist of a balance sheet and profit and loss statement; a cash flow statement or footnotes may or may not be included. This engagement is usually suitable for interim reporting and, occasionally, year-end reports. No level of assurance on the financial statements is given by us as CPAs.
BUSINESS FINANCIAL STATEMENT PREPARATION
The preparation of financial statements by Certified Public Accountants is the standard for providing an independent report on the financial health of an organization. CPA integrity associated with your financial statements provides a higher comfort level to the users of those financial statements such as owners, bankers, investors, and vendors.Proper and timely financial statements are key tools for the management of your business. We provide financial reporting at three levels of assurance to support your company’s specific needs:
Compilation
Review
This mid-level service necessitates that we apply analytical procedures to the financial statements. Using our professional judgment, we ask you about your record keeping system and document certain key account balances. The depth of our work is sufficient for us to report that nothing came to our attention to indicate that your statements are not in accordance with generally accepted accounting principles. This engagement is usually suitable for year-end business reporting.A full set of financial statements with footnotes is required at this level.
Audit
This is the highest level of assurance we can provide as CPAs. We give our opinion as to the fairness of presentation of your financial statements in conformity with generally accepted accounting principles.This type of engagement is usually requested by larger companies, non-profit organizations, municipalities and schools. Banks and bonding companies may also require an audit of your company's financial statements.