Financial reports, which generally consist of the communication of your results of operating between points in time, can and should be managerial tools, which will cater to your business needs. Our firm can assist you in the analysis of what the results of operating means to you and your company.
Certified Public Accounts generally prepare three types of reports, Audits, Review and Compilation Reports. Each report has varying degrees of scope.
Auditing standards require that we plan and perform the audit to obtain a reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principle used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
A review consists principally of inquiries of company personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding financial statements taken as a whole.
A compilation is limited to presenting in the form of financial statements information that is the representation of management.
Personal Financial Statements
Personal financial statements are financial statements of individuals or groups or related individuals (families). They may be prepared for an individual, a husband and wife or a family. CPA’s will compile, review or audit personal financial statements to formally organize and plan financial affairs in general or for specific purposes such as obtaining credit, income-tax planning, retirement planning, gift and estate planning, or public disclosure of their financial affairs.
Corporate Loan Packages
Corporate Loan Packages are designed based on your specific requirements. Often such packages include current and past financial reports, tax returns and forecasting.
Government Incurred Cost Reporting
Government Contractor Accounting often requires additional reporting for specific pools, such as, fringe benefit rates, overhead rates and or general and administrative rates. These rates are calculated using an approved DCAA ICE model.