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Financial Statement Review
One area that Ernest Tomkiewicz CPA specializes is in review, compilation and audit. Contact us for a free no pressure quote on your next service. Financial statement work can take several forms, preparation, compilation, review and audit. Knowing which you need, or are being required to have produced, is the beginning of the process. Here are explanations of the areas of financial statement work from the American Institute of Certified Public Accountants (AICPA).
Financial Statement Review:
As part of a review service the CPA performs analytical procedure and other methods to obtain “limited assurance” on the financial statements. This is intended to provide users with a level of comfort on their accuracy. A review is the minimum level of CPA assurance services. In a review, if the CPA determines there is lack of independence, they cannot perform the review engagement.
Understanding the industry in which you operate is a requirement placed upon the CPA. This includes knowledge of the accounting principles and practices generally used in the industry. In addition, the CPA is required to have a knowledge of you which includes the accounting practices and principles that you follow. They must have knowledge to sufficiently identify areas in the financial statements where it is likely that a material misstatement may occur.
A review is substantially less in scope than an audit in that the CPA does not contemplate obtaining an understanding of your internal control. There is no assessing of fraud risk, testing of accounting records either through inspection, observation, outside confirmation or examination of source documents. In a review. These procedures are generally used in an audit.
In a review a formal report is issued which includes a conclusion as to whether based on the review, the CPA is aware of any material modifications that should be made to the financial statements in order for them to be in accordance with the applicable reporting framework. A review is used as a business evolves and grows sufficiently to seek higher levels of financing. As well, it is used by the business owner for evaluation and key decision making due to the greater level of information integrity.
If you are looking for financial statement review services in the Concord, NH area, we can help. Ernest L. Tomkiewicz CPA serves Concord, New Hampshire and the surrounding area. We provide financial statement review services. Certified Fraud Examiner on staff. Call today.
Some of our favored accounting apps include QuickBooks, Xero and Zoho. Helpful resources when looking for financial statement review services are the NH Chamber of Commerce, Yelp or Yellowpages.com. You can also check your federal tax refund, research New Hampshire state tax information or access financial calculators here. Please explore these providers and contact us when you’re ready to attain the best local financial statement review in Concord, New Hampshire.