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Reviews & Compilations
- 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
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