Accounting & Financial Statements
What Are Compiled Financial Statements?
A compiled financial statement provides the financial information of a company or individual, including income, expenses, cash flow, assets and liabilities. The CPA does not attest to the accuracy of the figures, however they do organize and present the figures in conformity with Generally Accepted Accounting Principles or some other accepted form of accounting.
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?
A financial statement review is a service under which the CPA obtains limited assurance that there are no material modifications that need to be made to an entity’s financial statements for them to be in conformity with the applicable financial reporting framework (such as GAAP or IFRS).
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.
What Are Audited Financial Statements?
Audited financial statements are the financial statements of an organization that have been examined by a certified public accountant (CPA). Audited financials include a signed statement from the auditor, saying that the financial statements present fairly the results, financial position, and cash flows of the issuing entity. applicable financial reporting framework (such as GAAP or IFRS).
Other Users Of Financial Statements Excluding Owners
Apart from the needs of owners, other users of financial statements may need to place reliance on the financial statements. An external audit is a means of providing a reasonable basis for the users to place reliance on financial statements. Other users of financial statements (other than management) may be shareholders, banks, bonding companies as well as potential investors
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