Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company.
Compilation - Lowest Level of Assurance
In compiling financial statements for a client, we present information that is the "representation of management" and expresses 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.
Banks often require compilations from an independent CPA as part of their lending covenants.
Other types of reports-Audits and Reviews
Each type of financial statement report may suit specific circumstances, depending on requirements from your bank or other parties, as well as meet budgetary needs. Audits are the most detailed and the higher accounting fees relfect that.
Understanding each type of report's unique strengths and weaknesses can help you choose the most appropriate one for your business.
Please call if you have questions about which type of report is right for you.
At Faller, Kincheloe & Co., PLC, we've been serving the accounting needs of Des Moines, IA and the surrounding areas for years. If you need help managing any aspect of your home or business's finances, we want to hear from you.
Please fill out this form and let us know how we can be of service. We will happily offer you a FREE initial (30 minute) consultation to determine how we can best serve you.
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