As compared to performing an audit or a review of financial statements, in compiling financial statements for a client, we prepare financial reports that 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 my 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.
Which Kind of Statements Should You Use?
Each type of financial statement or report may suit specific circumstances, depending on requirements from your bank or other parties.
In addition to the standard reports found in financial statements prepared under generally accepted accounting standards ("GAAP"), business often find other specialized reports, such as a fair market value balance sheets, helpful in facilitating their business transactions.
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 financial presentation that is right for you.
Banks often require compilations from an independent CPA as part of their lending covenants.
Which Kind of Statements Should You Use?
Each type of financial statement or report may suit specific circumstances, depending on requirements from your bank or other parties.
In addition to the standard reports found in financial statements prepared under generally accepted accounting standards ("GAAP"), business often find other specialized reports, such as a fair market value balance sheets, helpful in facilitating their business transactions.
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 financial presentation that is right for you.
