Reviews | Compilations | Preparations
Proven Expertise in Compilations, and Reviews
As a business owner, you may be accountable to creditors, private investors, and shareholders, all of whom are interested in ensuring that the company’s financial statements accurately represent the true financial position of the company.
There are three types of CPA certified financial statements:
Preparations: Preparing taxes involves gathering financial documents such as income statements and receipts, then calculating tax liabilities or refunds based on applicable deductions and credits. Accuracy and attention to detail are crucial to ensure compliance with tax laws and maximize potential refunds.
Compilations: Compiling financial statements involves organizing and presenting financial data from a client's records in accordance with accounting standards and regulations. This task ensures that stakeholders receive accurate and transparent reports to make informed decisions about the organization's financial health.
Reviews: A review conducted by a CPA involves performing analytical procedures and inquiries to obtain assurance on the financial statements' accuracy. This process helps stakeholders gain confidence that the financial statements are plausible but does not provide the same level of assurance as an audit.
You may be wondering which one is best for your business. The answer depends on the level of assurance or financial accuracy that you want. For instance, you may decide a compilation is all you need this year, but in subsequent years, you may decide that a review provides better information about your financials and enables you to make better decisions about the future growth of your company.
We Look Forward to Helping Your Business Achieve Financial Success!
Whether your business or organization needs a compilation, review, preparation- or maybe even all three - our experienced team of CPAs is here to help.
Not sure which level of assurance your business needs? Contact us using the form below.
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