Review of Financial Statements

Successfully Providing Public Accounting Services for 30+ Years

Review of Financial Statements

Review procedures are less extensive than an audit. In a review engagement, we inquire client's management personnel, related to various business operating cycles, review board minutes for any significant business developments and apply analytical procedures to the financial statements. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.

 

A review does not require us to evaluate effectiveness of client's internal controls or verify financial statements data with third parties or physically inspect assets. A review report expresses limited assurance in the form of a statement: "We are not aware of any material modifications" for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements also include required footnotes and other disclosures.

Compilation of Financial Statements

Successfully Providing Public Accounting Services for 30+ Years

Compilation of Financial Statements

Financial Statement preparation for businesses and corporations of all sizes is a long-standing service of this firm. Depending on the client's needs, monthly, quarterly and year-end balance sheet and detailed operating statements can be prepared and analyzed on a timely basis. The state-of-the-art accounting software used in our office can provide helpful comparisons and calculations for effective, practical business analysis.

 

In compiling financial statements for a client, we present information that is the "representation of management" and express no opinion or assurance on the financial statements. Compilation engagement does not require us to inquire management or perform analytical procedures. Instead, we rely on our knowledge of accounting principles and general understanding of client's business.