We offer two levels of financial statements — the Preparation and the Compilation — and we can arrange for a Review or an Audit if needed with an external firm. With each set of statements, we also offer Advisory Services, providing a financial and performance analysis of your business, strategic planning and budgeting, and other related services to “fine tune” and enhance your company’s profitability.
Accounting services, which are typically prepared in conjunction with your monthly or quarterly bookkeeping or with your annual income tax return preparation services. They do not come with an accountant’s report or letter and no assurance is provided by us. These financials are for your internal use or tax preparation purposes only. These are not intended to be provided to outside parties, but you may do so at your own discretion. As a CPA firm, we will not mail send these financials to external parties.
A Preparation is a special engagement governed by AR-C 70 SSARS No. 21, Statements on Standards for Accounting and Review Services.
They do not come with an accountant’s report or letter and no assurance is provided by us. Preparation statements are intended for management’s use only so you can have current information on the financial standing of your business and make the best decisions possible.
A Compilation is a set of financial statements which a CPA reads to confirm they are appropriate in form and free of obvious material mistakes and which include a CPA’s report or letter stating, in part, that no procedures were performed to confirm the accuracy and completeness of the information. Often, a Compilation is enough to satisfy a request for information from investors or financial institutions.
When a CPA’s assurance as to the accuracy of a company’s financial statements is required, a Review or an Audit can be arranged. The difference between the two is that a Review provides limited assurance, while an audit provides a high level of assurance. During a Review, a CPA performs analytical procedures and inquiries. During an Audit, a CPA obtains and analyzes evidence through inquiry, physical inspection, observation, third-party confirmations, analytical procedures, and other procedures. Both Reviewed and Audited financial statements come with a CPA’s report explaining the level of assurance that was achieved.
More details on the four types of financial statements can be obtained here from the AICPA.
Whether we provide you with financial statements that have been Prepared, Compiled, Reviewed, or Audited, rest assured that your information will be treated as TOTALLY CONFIDENTIAL and will never be released to third parties without your permission.