Financial Statement Services
Financial statements: Our firm can prepare and report upon your company or personal financial statements. We provide those services in accordance with American Institute of Certified Public Accountants (AICPA) professional standards. There are generally three levels of service a CPA is permitted to provide with respect to financial statements:
- The least involved level of service with respect to financial statements is a compilation. A compilation of financial statements means we obtain your company or personal financial information and we create financial statements in a format that is in accordance with generally accepted accounting principals in the United States (“GAAP”) or pursuant to International Financial Reporting Standards (“IFRS”). We attach a report that states the service we provided and that we express no assurance whatsoever that the financial information presented is in accordance with GAAP or IFRS because we provided no review or audit of the underlying client prepared data.
- The next level of service we provide with respect to financial statements is a review. In a review, we obtain your company or personal financial information and we create financial statements in a format that is in accordance with GAAP or IFRS. We attach a report that states the service we provided and that we express negative assurance (“nothing came to our attention”) that the financial information presented is not in accordance with GAAP or IFRS. That financial statement service is more involved because we perform analytical review procedures with respect to the client prepared data in order to express the negative assurance with respect to those financial statements.
The highest level of service with respect to financial statements is an audit. An audit of your financial statements is involved because we document our understanding of your company system of internal control and we may test that system for the purposes of assessing risk and determination of the extent to which we can rely on that system. In addition to the systems work, we test the balances and audit the footnote disclosures for the purposes of rendering an opinion regarding the degree to which the financial statements fairly present the results of operations, financial position and cash flows for the period under audit.
Our firm provides ASC 740 tax provision system design, implementation, maintenance and support for both publicly traded companies and private companies. In addition to these Financial Statement Services, We can also provide agreed upon services with respect to financial statements. We'll be happy to discuss the scope and nature of those services with you.
Our firm does not provide compiled, reviewed or audited financial statements for publicly held companies.