Financial Statement Services
Need Financial Statements for a Bank or Regulatory Requirements?
Compilation: A compilation is where we take your financial data and place it into a financial statement format. No assurance is provided by the accountant as no testing, inquiry or analytical procedures are performed on the data. Banks often require (at the minimum) a compilation from a CPA as part of their lending covenants.
Review: A review is a limited investigation of your financial data and provides a limited level of assurance that material modifications need not be made to your financial statements. Testing and inquiry usually consists of year over year comparison of results, inquiry and analysis. The review is a good middle ground between a compilation and an audit providing the advantages of a CPA’s expertise without the work and expense of an audit.
Audit: An audit provides the highest level of assurance. It is a review and objective examination of the financial statements including verification of specific information as determined by the auditor or as established by general practice. It includes a review of internal controls, testing selected transactions and third party verifications. The goal is to state that the financial statements are free of material misstatements.