Stockholders, creditors and business decison-makers need financial statements that accurately represent the true financial position of company.
In compiling financial statements for a client, we present information that is the "representation of management" and express no opinion or assurance on the statements. Compilations don't require inquiries of management or analytical procedures. Instead, we apply our accounting and financial reporting expertise to client data to present financial statements using a general or special purpose framework that is most useful for the client. Banks and insurance carriers often require compilations from an independent CPA as part of their lending covenants and underwriting processes.
Often there is no third party reporting required and so, we are engaged to prepare the financial statements for internal or management use. Since this not a reporting service, we provide no opinion, conclusion or any assurance on them.
Which Service Should You Use?
Each type of financial statement may suit specific circumstances, depending on requirements from your bank or other parties, as well as meet budgetary needs.
Understanding each service's unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type is right for you or complete the form below for a free consultation.