Periodically almost every business may need to provide reports on how it is performing financially. We help by participating in and/or supervising the reporting process. Recognizing that each of our clients has different accounting needs, we provide a range of financial statement services reflecting those differences. The accounting profession has developed standards for each reporting level. Opinions are done with each audit and while the standards lend credibility to the business community each set of audits are for that particular business only.
The Audit provides the highest level of assurance about the reliability of financial statements. Its objective is to provide a clear picture of your worth and the results of your operations to creditors, stockholders, government agencies and investors. With it comes an independent opinion by us as to the reliability of your financial statements that lends credibility to your business.
A Review is a non-audited financial statement that gives a limited degree of assurance. It represents a middle ground between an audit and a compilation. Although a review may involve a compilation, as discussed below, it goes further by utilizing analytical techniques in order to achieve a higher degree of understanding of your business.
A compilation is a non-assurance financial statement generated by a CPA firm on a monthly, quarterly, or annual basis. Here, financial data supplied by management is simply assembled in a conventional form without any auditing or verification of data. After completion of a compilation, a report is presented, attesting to the compilation but void of an independent opinion.