Brock CPA can provide timely and efficient financial statement engagements because we get to know your business. We offer two levels of financial statement preparation for your business needs.
Creditors, private investors and stockholders will often need assurance that the financial statements you provide truly represent the financial position of your company. Our firm can serve as your tax professional and provide the level of assurance that meets your needs.
Compilation – We can compile your financial statement utilizing the information provided by you or your management team. This type of financial statement is presented as a representation of management and does not provide any level of assurance. Compilations don’t require inquiries of management or your analytical procedures. We rely on our general understanding of your business and our knowledge of accounting to create the statement.
This type of statement is a good alternative to a full disclosure financial statement in certain instances. Banks will often require compilations from an independent CPA as part of their lending requirements.
Review – Our firm can also provide a review, which consists of surveys of company personnel and analytical procedures that we apply to your financial data. This service is a step above a compilation.
It will provide the users of this financial statement with a limited assurance that no material modifications are required to be in conformity with U.S. Generally Accepted Accounting Principles (US GAAP). A reviewed financial statement must include all required footnotes and other disclosures.
This type of statement is a good intermediate statement that provides a CPA’s technical expertise, but it is not as expensive or time-consuming as a full audit.
Both types of reports may suit specific circumstances and will depend on your lender, investor or stockholder’s requirements. Understanding the reports strengths and weaknesses can help guide your decision on which one you need. Brock CPA is available to help you determine which type of report is right for you.