Financial Statement Services Can Provide Value to Your Organization
March 2, 2020
By: Chad Atkinson
CPA firms can also offer additional value to you by providing assurance to the readers of the financial statements that the financial statements of your organization are correctly presented and the numbers are accurate. A CPA firm normally provides assurance on your company’s financial statements by performing either a review service or audit service. The standards for performing review or audit services are promulgated by the American Institute of Certified Public Accountants (AICPA), the governing body for CPAs. Only a properly licensed CPA can perform review or audit services and issue a report on their services.
Once a CPA firm completes the review or audit service, they issue a report providing the level of assurance obtained in their engagement. The financial statements along with the CPA firms report becomes a valuable resource for obtaining financing from lenders and potential investors. Commercial lenders love to have an audit or review of an organization’s financial statements from a CPA firm because of the assurance provided and also because of the cash flow statement and the detailed notes providing information on the outstanding liabilities of the organization. A good set of financial statements can also be used to benchmark your organization against applicable industry information and provide relevant industry analysis. Identifying benchmarks and metrics in your industry can help you identify areas of focus to produce better results.
HintonBurdick is a leading provider of financial statement services and assurance services in our region. We seek to go beyond the basic services describe above by providing you with industry analysis and consulting on how to best implement financial strategies for the betterment of your organization. Please contact one of the many CPAs and advisors at HintonBurdick to get started with financial statement services or assurance services today.