Financial Statement Preparation
We prepare each of the three types of financial statements, Compilation, Review and Audit. Financial statements can be a very helpful tool to run your business more effectively.
There are three reporting levels for financial statements, compilation, review and audit. Compilation of a financial statement is the presentation in the form of financial statements, information that is the representation of management without undertaking procedures to express any assurance on the statement, and generally include professional general account reconciliation and adjustments. A review consists principally of inquiries of company personnel and analytical procedures to provide limited assurance that the financial statements are presented fairly in accordance with statements on standards for accounting and review services issued by the American Institute of Certified Public Accountants. Audits contemplate obtaining an understanding of the internal control structure or assessing control risk, tests of transactions and confirmation of accounts providing the auditor with sufficient information in order to provide a reasonable basis for expressing an opinion on the financial statements as a whole regarding fair presentation in accordance with generally accepted accounting principles and an opinion as to whether the financial statements are free from material misstatements.
Even more important than the preparation of financial statements is the assistance we can give you in using the statements to manage your business more effectively and profitability.