Financial Statement Preparation Services
We offer basic Financial Statement Preparation Services designed primarily to provide financial statements used by management for limited reporting purposes. Although such financial statements are prepared in accordance with formal Statements on Standards for Accounting and Review Services, they are not subject to more comprehensive attest guidelines for compilation, review, or audit engagements. Therefore, no accountant or auditor report will accompany such financial statements.
We can prepare the statements using any acceptable framework of accounting such as income tax basis, cash basis, or accrual basis. A preparation service may or may not include a cash flow statement or disclosure notes.
The purpose of a Compilation engagement is to compile unaudited financial information into financial statements and financial data that reflect management’s representation of the organization’s historical financial condition and events (or other financial matters) based on information supplied by management.
The Compilation engagement is substantially less in scope than an audit engagement performed in accordance with generally accepted audit standards. Accordingly, the Compilation report gives no assurances about the accompanying compiled financial information.
The Compilation engagement is well suited for those situations where a third party user of the financial statements is satisfied with receiving the organization’s financial information with or without required full disclosures under Generally Accepted Accounting Policies (GAAP) and without the added level of assurance provided by Audit or Review services.
Please call us to discuss how a Compilation engagement may benefit you.