Accounting, Compilation, Review, Audit, and Financial Statement Preparation
In all of the firm’s accounting and financial reporting assignments, we require that management accepts full responsibility for operations, accounting controls, and financial statements. Services are governed by Professional Standards, issued by the American Institute of Certified Public Accountants. These standards include:
Code of Professional Conduct
Generally Accepted Auditing Standards
Standards for Attestation Engagements
Standards for Accounting and Review Services
Standards for Consulting Services
The firm has designed a quality control system over the accounting and financial reporting practice based on Professional Standards. The firm’s engagements have been peer reviewed since 1993. The peer review report for the latest review was for 2016. The quality control program for accounting services is also integrated with my flagship business tax compliance product – Tax Trial Balance.
There are many options for financial statements and financial reporting. The company can use Generally Accepted Accounting Principles as is reporting framework, or may select a Special Purpose Framework such as income tax basis or modified cash basis. Financial statements can be complete, with all required footnotes and disclosures under the selected reporting framework, or omit disclosures selectively or entirely.
Financial statements can be prepared on a historical cost basis, historical cost with fair value measurements, forecasted for future periods, pro-forma for analysis of effects of anticipated transactions or events, or on a liquidation basis.
The Independent Accountant’s Report is issued by the accounting firm based on the level of service provided. A new Financial Statement Preparation Engagement with no report was recently created under Statement for Accounting and Review Services No. 21. Other traditional reporting alternatives are compilation, review, and audit. Each of these levels of reporting connotes increasing levels of assurance about the financial statements based on the scope of work performed by the accounting firm.
With 35 years’ experience in this profession, we have a solid working knowledge of financial reporting services. We tailor the accounting and reporting services to meet your needs and requirements.
We have solutions to meet your challenges:
- Financial statement preparation, compilation, review, and auditing
- Prospective financial information preparation, projections, forecasts, and pro-forma statements
- U S GAAP and Special Purpose Frameworks
- Non GAAP financial and non-financial information