Our financial reporting services take several elements into account including:
Compiled Financial Statements: Compiled financial statements are prepared by a CPA based on information provided by management.
This information, generally in the form of an income statement, balance sheet, statement of cash flows and footnote disclosures (although non-disclosure financial statements can also be prepared), is presented without the CPA expressing any assurances on the information contained in the financial statements.
Reviewed Financial Statements: A review is a higher level of service than a compilation in the preparation of financial statements.
Reviewed financial statements are prepared based on information provided by management, however, a CPA will also perform inquiry and analytical procedures that provide the CPA with a reasonable basis for expressing limited assurances that no material modifications are needed for the financial statements to be in conformity with generally accepted accounting principles.
While a review is a more involved service than a compilation, it does not provide the CPA with a basis for an opinion on those financial statements.
Audited Financial Statements: An audit is the highest level of service a CPA can provide relative to a client’s financial statements.
The objective of an audit is to provide a reasonable basis for expressing an opinion regarding the financial statements taken as a whole. Additionally, an audit involves the CPA obtaining an understanding of internal control, testing of accounting records, observing and confirming financial data and performing certain other procedures ordinarily performed during an audit