GWINNETT CPA – ACCOUNTING SERVICES
CPA Certified Financial Statements
As a business owner, you may be accountable to creditors, lenders, 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. This is a service that only CPAs are legally allowed to provide.
There are three types of CPA certified financial statements:
Audits
Audits are the highest level of service provided. We work closely with key personnel to gain knowledge of internal control systems (“checks and balances”). We then test those systems to determine if they can relied upon in providing valid financial information. Verification and substantiation procedures are performed in accordance with Generally Accepted Auditing Standards (GAAS). Our reports are based on Generally Accepted Accounting Principles or other approved basis of accounting. An audit report is issued with the financial statements.
Compilations
The lowest level of service is the compilation. There is no verification that the numbers presented in the statements are accurate and are the representations of management. They are provided in financial statement format and are produced for management and third-party use. A compilation report is issued with the financial statements.
Reviews
More involved than a compilation, but not as comprehensive as an audit, reviews provide “limited assurance.” Key personnel are interviewed about the company’s accounting policies and procedures, industry, operations, and financial statements. The financial information is compared to industry averages and variances are investigated. A review report is issued as well.
Audit, Review, or Compilation?
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 – or even an audit – provides better information about your financials and enables you to make better decisions about the future growth of your company. Sometimes though a third-party (lender, governmental licensing, etc.) requires you to have financial statements prepared and require a level of assurance.
We Look Forward to Helping Your Business Achieve Financial Success!
Whether your business or organization needs an audit, compilation, review – or maybe even all three – our experienced team of CPAs, accountants, and tax professionals is here to help.
Not sure which level of assurance your business needs? Contact us today.
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We are here to help you.
Our professionals will reach out and provide you with the best accounting strategy for your business.