Financial Statement Services
 We offer three levels of service related to financial
statements in addition to assisting our clients in
preparing such statements. These services include
preparing financial statements based on information
provided by and entity’s management (compilation);
inquiry and analytical procedures applied to financial
statements (review); and performing procedures such as
confirmation with outside parties, observation of
inventories, and testing of selected transactions by
examining supporting documents (audit).
- A compilation is useful to small,
privately-held companies that need professional
assistance in preparing their financial statements.
This level of service helps business owners identify
obvious errors and ensures that financial statements
are properly presented.
- A review is often needed for entities
that must report their financial position to outside
parties, such as banks, creditors, or other
regulatory agencies. This level of service is also
warranted for absentee business owners or those not
actively involved in managing the business. This
level of assurance provides limited assurance that
the financial statements are free from material
errors.
- An audit is the most extensive service
and provides the highest level of assurance. An
unqualified opinion provides reasonable assurance
that the entity’s financial statements fairly
present, in all material respects, its financial
position and results of operation in accordance with
certain accounting principles.
Financial statements generally include four
components:
- Balance Sheet
- Income statement
- Statement of Cash Flows
- Footnotes
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