Financial Statement Services
In addition to audited financial statements (see Audit & Attest Services), HintonBurdick offers three other levels of financial statement preparation. Whether you need financial statements for internal decision making, to obtain a loan, or any other reason, we can help you determine the level of assurance that is best for your situation.
Reviewed Financial Statements
In a review of financial statements, we seek to obtain limited assurance as a basis for reporting whether we are aware of any material modifications that should be made to the financial statements in order for them to be presented in accordance with an applicable financial reporting framework. The limited assurance is obtained primarily through inquiries and analytical procedures.
A review may be a more economical alternative to performing a financial statement audit. A review is substantially less in scope than an audit, and often is performed for privately held companies that are required to provide financial statements to outside parties such as banks, creditors, or potential purchasers.
Compiled Financial Statements
With compilation services, we apply accounting and financial reporting expertise to assist in the presentation of financial information, but we do not seek to obtain or provide any assurance that there are no material modifications that should be made to the financial statements. In other words, a compilation is a collection and presentation of financial information in the form of a financial statement without expressing assurance. We are required to determine if we are independent, and we will include this determination in a report issued in accordance with AICPA standards.
Compilations are designed for non-public entities that do not have the need for audited or reviewed financial statements. Compilations are often prepared on an interim basis—monthly or quarterly—as well as annually.
Prepared Financial Statements
In preparation services (a non-attest service), we use our knowledge of your business to prepare financial statements in accordance with AICPA standards. These standards do not require us to determine if we are independent, and we do not issue a report on our services.