Our team of auditors will provide assurance that financial statements are fairly presented in all material respects in accordance with generally accepted accounting principles (GAAP) or other basis of accounting. An extensive knowledge of the industry is very important when auditing a company’s financial statements. Relevant data will be reviewed, inquiries will be required of various company personnel and certain information may be confirmed with third parties.
We will provide limited assurance that financial statements are fairly presented in accordance with GAAP or other basis of accounting. Knowledge of the accounting principles and practices of the industry and general understanding of a company’s business is required to issue a review report. A review consists primarily of analytical procedures and inquiries of company personnel.
Our team will provide no assurance as to whether the financial statements are in accordance with GAAP or other basis of accounting. Knowledge of the accounting principles and practices of the industry and general understanding of a company’s business is required for a compilation. A compilation consists of taking information provided by management and putting it into the form of financial statements without verifying any of the data. We will read the financial statements and consider whether the statements appear free from obvious errors or misstatements.
Preparing projections or forecasts of revenues and expenses helps to project/forecast future net income to assist in budgeting, tax planning, modeling or obtaining financing or equity investors. Future-oriented financial statements are often shared with internal or external users who request CPA involvement, typically in the form of a compilation report. Practitioners must fully understand the rules so that prospective financial statements are prepared correctly in a cost-effective manner. The modern financial environment is more volatile than it has been in the past but sound accounting services and adherence to industry best practices can assist a company in long-term planning efforts. Developing a reasonable financial forecast/projection based on the expectations of the management team and our consultants can arm you with clear and concise information which you can confidently share with necessary users.
