Review and Compilation
Investors and creditors turn to a company’s financial statements in order to determine its ability to pay debts and the overall financial health of the company. We offer review and compilation services to clients who have a need for them.
Financial Statement Reviews
During a review, we perform analytical procedures that allow us to give limited assurance that there are no material changes. For example, we might ask how inventory quantities are counted. In an audit, however, the CPA would personally observe how inventory is taken and calculate damaged or obsolete inventory items. Even though a review does not carry the same weight as an audit, many financial statement users are comfortable with a review and find it an acceptable alternative to a full audit.
Financial Statement Compilations
Compilations are really unaudited statements. In a compilation, we help prepare the financial statements but make no attempt to verify the information. We make certain that the information is clerically accurate and in the correct format.
It is up to the person or company using the financial statements to determine the health of the company and to determine how comfortable they are with the statements presented to them. You should always ask for the type of financial statements that give you the level of security and assurance that you need to make any decisions you are considering.
Call us for a tax consultation, at 216-521-2100.
Quick Links to More Accounting Services
We can help you with all your accounting needs. We serve small businesses, nonprofit organizations, government offices, churches and individuals.