Financial Statements
Financial Statements present a financial view of a business. Standard criteria, rules and formats enable the reader to understand a business's assets and obligations on a specific date (The Balance Sheet), as well as its income and expenses incurred over a period of time (The Income Statement). Often, businesses will obtain assistance from a CPA when they are creating financial statements or engage a CPA as a third party to evaluate and form an opinion regarding the Financial Statements.
Review and Compilation Services
Financial Statement Reviews provide a higher level of assurance than Financial Statement Compilations without the cost of a full Audit. Reviewed financial statements satisfy the requirements of many lenders, sureties and customers. CPA Reviewed financial statements provide the reader a reasonable level of confidence that the business has property followed Generally Accepted Accounting Principles when creating the Balance Sheet and Income Statement.
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Compiled Financial statements are prepared by the CPA but with fewer checks and procedures than a review. Compiled Financial statements are often meet the requirements of third parties such as lenders, owners and customers.
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Review and Compilation services are provided under AICPA's Statement on Standards for Accounting and Review Serivces (SSARS).