Determining the type of reporting you need depends on:
Stockholders, creditors and private investors often need assurance that your financial statements accurately represent your company’s true financial position. Each audience also has different levels of risk tolerance—so we offer three levels of assurance to meet your needs.
Highest level of assurance: Audit
An audit allows you to satisfy stakeholders such as employees, customers, suppliers and pressure groups, as well as the investing community, as to the credibility of published information. It also facilitates timely and accurate tax filing, which helps you avoid interest, penalties and investigations.
Mid-range level of assurance: Review
A review is a good middle ground, because it provides the advantages of a CPA’s technical expertise without the work and expense of an audit. It ensures that your financial statements conform with the Generally Accepted Accounting Principles (GAAP), and includes required footnotes and other disclosures.
Lowest level of assurance: Compilation
Banks often require compilations from an independent CPA as part of their lending covenants. Compilations don’t require inquiries of management or analytical procedures, but instead present information that is the “representation of management.”
It won’t cost you anything to find out more.
Understanding each report’s strengths can help you choose the most appropriate one for your needs. Just call with your questions, or complete the form below for your free consultation.