Financial Statements we prepare, compile, and review for our clients
Professionally prepared financial statements can be a useful tool for business owners in making financial decisions and evaluating operational profitability. Our firm can assist you in the preparation of financial statements in accordance with professional accounting standards. Prepared Financial Statements are useful for owner decision making, submission to taxing authorities, business valuation services, litigation support and personal financial statements. Prepared Financial Statements are not Compiled, Reviewed or Audited and according to professional standards are issued without an accountant’s report. These statements include a statement that no assurance is being provided on them.
Compiled Financial Statements can be a useful tool for business owners for loan documentation and reporting to third parties. Our firm can compile your financial statements in accordance with professional accounting standards. Financial statements will be accurately prepared based on information provided to us. However, professional standards require us to indicate that our firm expresses no opinion or any other form of assurance on the accuracy of the underlying information included in these financial statements.
A review engagement consists primarily of analytical procedures applied to the financial statements and inquiries your company’s management team. A review does not require the evaluation of a company’s internal controls, verification of data with third parties or physical inspection of assets. A CPA’s report on a review of financial statements expresses limited assurance in the form of the statement: “We are not aware of any material modifications” for the financial statements to be in conformity with accounting principles. Reviewed financial statements must include all required footnotes and other disclosures. Our firm can review your financial statements and provide you with comfort that, based on our review, we are not aware of any material modifications that should be made in your financial statements. CPA reviewed financial statements are often prepared for entities that have bank loans, outside investors or trade creditors.