Financial Statement Reviews
The purpose of a financial statement review is to provide limited assurance that the entity’s financial statements are presented fairly according to U.S. Generally Accepted Accounting Principles. A review is typically appropriate as a business grows and lenders or business owners seek a certain level of confidence in the financial statements to make appropriate business decisions. As part of the review engagement, our team will rely on management inquiries and analytical to determine whether the financial statements present fairly without applying extensive audit procedures.
During a review, our team will inquire about the personnel involved and accounting procedures used to prepare the underlying accounting records, prepare various ratio analysis, investigate unusual or complex transactions completed during the year, review communications with regulatory agencies, and provide a written report expressing limited assurance that no material modifications are needed for the financial statements to be in conformity with U.S. Generally Accepted Accounting Principles.
Creditors, investors, and sometimes vendors may require a company to submit reviewed financial statements prior to issuing a loan or increasing a line of credit.
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