1. Do you know if your financial statements are accurate and complete?
  2. Are you required to provide copies of your financial statements to insurance companies and financial institutions?

Reviewed Financial Statements — A review of your organization’s financial statements provides limited assurance for potential users of your statements. The procedures include:

  • Analytical procedures
    • Trend analysis
    • Ratio analysis
    • Reasonableness testing
    • Comparison to industry standards
  • Inquiries of key personnel
    • Accounting principles used
    • Procedures regarding recording of transactions
    • Changes in business activities
    • Actions authorized by management

Compiled Financial Statements — A compiled financial statement starts with your organization’s financial data and puts them in a prescribed format according to generally accepted accounting principles or other comprehensive basis of accounting.

Who Needs This Service?

  • Business owners and managers
    • As a management tool to track financial results
    • As a guide for futre projections and budgeting
    • To fulfill requirements of lending and/or bonding institutions

Benefits to Our Clients

For Reviewed Financial Statements, the benefits include:

  • Meeting requirements of financial institutions to obtain financing as well as maintain reporting current financial obligations (i.e., line of credit, term note, long-term financing for growth, etc.)
  • Identifying risks and opportunities that affect your business
  • Highlighting areas for improvement in procedures and recording of transactions

For Compiled Financial Statements, the benefits include:

  • Providing consistent format for comparability and analysis purposes
  • Giving management opportunities to discuss financial results
  • Possibly meeting interim financial reporting requirements of external users