Accounting & Financial Statements
what are compiled financial statements?
At Stamos and Stamos we provide a wide range of compiled financial statements for our clients. These statements can be used to assist the client with obtaining finance assistance to helping them with their monthly budgeting. These statements are an essential tool when our clients are making management decisions.
What Are Reviewed financial statements?
What Do Reviewed Financial Statements Include?
A Review financial statement generally includes all the reports and footnotes that are required under Generally Accepted Financial Statements. A review is usually more expensive than a compilation and less expensive than an audit. It is preferred by those businesses whose lenders and creditors will allow them to use this approach, thereby saving the cost of a full audit.
Management takes responsibility for the preparation and presentation of the entity’s financial statements, while the accountant should have a sufficient level of knowledge of both the industry and the entity to review the financial statements.