- Do you know if your financial statements are accurate and complete?
- 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