Audit and Accounting Services
Lenders and other third parties may request your financial statements for a variety of reasons. Oftentimes, they may require that these statements be accompanied by an audit, review or compliation report provided by a CPA. We can assist you with these requests.
An audit is required when the third parties relying on your financial statements desire the highest level of assurance about your financial condition. In order to conduct an audit, we examine your company's financial statements in accordance with our professional standards, including governmental auditing standards. Our procedures include a limited review of your internal controls and substantial testing of the information underlying the financial statements.
A review provides a lower level of assurance about the presentation of your financial staements than an audit but often is sufficient for third parties. To conduct a review, we perform analytical procedures and inquiries of management in order to express limited assurance about the presentation of the financial statements.
A compilation consists of presenting financial information provided by you in the form of financial statements. Although we do not express any assurance on compiled financial statements, compiled statements are very useful to management and can be used as interim financial information for lenders.
Third parties may also request personal financial information, particularly if you are applying for a loan or act as a guarantor on loans for your business. To demonstrate your personal financial condition professionally and concisely, we can present your personal financial information in the form of financial statements.
General Auditing Info | Judy Driscoll CPA | Clearwater