A compilation may be necessary in a start-up situation or for mature companies on a quarterly, sometimes even an annual basis. Presentation, selection of appropriate accounting methods and disclosure is the goal. Many times a company's creditability is enhanced by association with an outside C.P.A. in spite of no opinion by the C.P.A. on compiled financial statements.
In a review, analytical techniques are utilized to determine if material modifications of financial statements are necessary. In a closely held company, reviewed financial statements may satisfy certain lenders' or credit rating organizations' requirements.
Emerging businesses with outside investors or companies with greater requirements for bank financing may need audited financial statements. The goal of an audit is the opinion of the independent C.P.A. that the financial statements are fairly stated and follow generally accepted accounting principles. In such an engagement, internal accounting controls are evaluated to determine the extent of transactions to be tested and confirmation with outside parties is utilized.
In any engagement, clients receive the benefits of our client service teams' years of diverse business experience. Knowledge of a client's business often leads to the detection of problems, conditions and opportunities not always apparent to client management. As a result many clients realize increased productivity and real dollar savings.
