REVIEWS & COMPILATIONS
PROVEN EXPERTISE IN COMPILATIONS AND REVIEWS
As a business owner, you may be accountable to creditors, private investors, and shareholders, all of whom are interested in ensuring that the company’s financial statements accurately represent the true financial position of the company.
We offer two types of services which can be a good middle ground, providing the advantages of a CPA's technical expertise without incurring the expense of an audit.
Compilations
The first level of service is the compilation. In compiling a financial statement for a client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements. Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.
Reviews
A financial statement review is a service under which we obtain limited assurance that there are no material modifications that need to be made to an entity's financial statements for them to be in conformity with the applicable financial reporting framework (such as GAAP or IFRS).
Less extensive than an audit. but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make to of your company's management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.
A review doesn't require us to study and evaluate your company's internal controls or verify data with third parties or physically inspect assets. rather, a review report expresses limited assurance in the form of the statement: "We are not aware of any material modifications" for the financial statement to be in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include required footnotes and other disclosures.
WE LOOK FORWARD TO HELPING YOUR BUSINESS ACHIEVE FINANCIAL SUCCESS!
Whether your business or organization needs a compilation or review, our experienced team of CPAs, accountants, and tax professionals is here to help.