Accounting & Assurance Services

Preparation Engagement

What are Prepared Financial Statements?

Prepared Financial Statements provide guidance for preparation of financial statement engagements. This standard allows CPAs to issue financial statements without a compilation report. A disclaimer (no assurance is provided) is required. Disclosures to the financial statements are not required. The CPA need not be independent.

Preparation

Why would it
be needed?
A preparation is needed to assess business performance

Compilation Engagement

What are Compiled Financial Statements?

A Compilation provides guidance for compilation engagements whereby the CPA usually assists with the preparation of financial statements and then reads them to ensure they appear appropriate. Disclosures to the financial statements are not required, however, a compilation report is required and the CPA need not be independent

Compilation

Why would a Compilation
Report be needed?
A Compilation would be used as a formal presentation to a third party. This may include a bank or other financial institution, an investor or potential buyer or seller.

Review Engagement

What are Reviewed Financial Statements?

A Review provides guidance for review engagements. The CPA usually assists with the preparation of financial statements and then makes inquiries and creates analytics. These procedures provide the basis for a limited assurance report and a review report is required. The financial statements are full-disclosure. The CPA must be independent.

Review

Why would they
be needed?
Reviewed Financial Statements are generally needed if they are a requirement of a bonding agency, bank or investor.

Kanter Consulting Group will assist in deciding what level of Assurance is needed.

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