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Financial Statements - Reviews & Compilations
Stockholders, creditors, and private investors often
need assurance from a CPA firm that the financial statements accurately represent the true
financial position of a company. Often times Company's dread the thought of a CPA firm
analyzing their books.
At Lawrence & Associates, we turn this compliance function
into a powerful tool that can improve your business operations and bottom-line results. It's a
chance to get professional input to tighten controls, cut expenses, plan for the future, and
improve overall profitability. Lets start thinking 'opportunity' when its financial statement
time.
We provide two levels of assurance for financial
statements, which are described below, or:
Review - Limited Assurance
Less extensive than an audit, but more involved than a
compilation, a review engagement consists primarily of analytical procedures we apply to the
financial statements, and various inquiries we make of your company's management team. If the
financial statements or supporting information appear inconsistent or otherwise questionable, we
may need to perform additional procedures.
A review doesn't require us to study and evaluate your company's internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: "We are not aware of any material modifications" for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures. Why might a business request a review engagement? It can be a good middle ground, providing the advantages of a CPA's technical expertise without the work and expense of an audit. Compilation - Lowest Level of Assurance
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 rely on our knowledge of accounting principles and a general
understanding of your business.
Which Report Should You Use? Each type of financial statement report may suit specific circumstances, depending on requirements from your client's bank or other parties, as well as meet budgetary needs.
Understanding each report's
unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have
questions about which type of report is right for you.
We are a small CPA firm with our main
office in Irvine and meeting locations in Laguna Hills, Costa Mesa, and Orange. We are also
members of a network of Los Angeles CPAs, Newport Beach CPAs, Huntington Beach CPAs, Long Beach CPAs, Orange County CPAs, and Anaheim CPAs.
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Lets fulfill your bank or investors request for a financial statement and improve your bottom line at the same time. |
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(949) 829-4020 |
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Irvine CPA & Accountant Our Firm The Owner Our Services Resources Contact Us
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(949) 829-4020 CPA & Accountants of Irvine California Copyright 2009 © Lawrence & Associates, CPA is a Irvine CPA firm that provides a variety of accounting and tax services to Irvine and surrounding areas.
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