Before providing a financial statement to another party, a company will want to ensure that a financial statement has thoroughly been examined. That is why many companies elect to work with an experienced business CPA to perform a financial statement audit to ensure the information contained in the document is accurate. If you need the assistance of an accountant to handle your financial statement audit, you should consult with an experienced California accountant for financial statement audits. At the Cook CPA Group, we pride ourselves on providing our clients with the accounting services they deserve to keep their businesses operating smoothly. We are committed to learning the details of your business to perform a financial statement audit that will leave you feeling confident. The accounting team at the Cook CPA Group is here to discuss the types of financial statement audits that our firm can provide for your company.
Financial Statement Audits Our California CPAs Can Perform for Your Company
A wide range of companies use financial statements and CPA reports to prove the accuracy of published information concerning their financial situation. These financial statements can be provided to lenders, consumers, suppliers, investors, and other parties that would seek to engage in some form of business with the company. As a result, you will want to ensure that your financial statement is thoroughly examined by an experienced CPA.
At the Cook CPA Group, we are committed to providing accounting services to a variety of businesses throughout the State of California and other states. Our team of accountants can work with you to determine the type of financial statement audit that would match well with your unique needs. For example, some companies may need a financial statement audit to reassure shareholders, while others may need it for regulatory reasons.
Our firm offers all three levels of financial statement accounting services: audit, review, and compilation.
Financial Statement Audits
A financial statement audit is the most comprehensive financial statement accounting service our CPAs can offer your company. Financial statement audits are often used to increase the confidence of investors and lenders as they involve a complete evaluation of the financial statement and verifies the accuracy of specific information noted in the statement.
One of the major benefits of a financial statement audit is a verification from the auditor that the financial statement is free from material errors, whether they were caused by mistake or the product of fraud. The CPA report will be helpful for many companies or consumers that are looking to work with the company. There are many other benefits provided by a financial statement audit:
- Allows a company to comply with banking covenants
- Help a company facilitate the buying and selling of businesses
- Provides a company with remaining compliant with corporate taxes and other tax liabilities
In some cases, a financial statement audit may have some incidental benefits. For example, the auditor may learn more about the company’s internal control systems, which can help them suggest alterations that will improve efficiency.
Financial Statement Review
A financial statement review is an analytical process to help determine whether a financial statement needs material changes to bring it in compliance with financial reporting guidelines. Financial statement reviews are less thorough than audits because the auditor only examines the financial statement rather than deciding whether the statement contains any material errors.
The following are services that our firm can provide for a financial statement review:
- Review of recordkeeping of sensitive financial information
- Review of accounting practices utilized by the company
- Examination of management’s commitment to preventing fraud
- Review of business decisions made by owners and officers of the company during meetings
This is not an exhaustive list. A financial statement review can provide more background knowledge of the financial condition of a company.
Financial Statement Compilation
A financial statement compilation’s primary purpose is to present financial information to interested parties. It is important to note that an accountant or CPA will not give any opinions or assurances regarding the veracity of the financial statement during a compilation. Instead, a financial statement compilation requires a CPA to primarily provide the following:
- Learning how a company operates, the accounting practices of the company, and the method of financial reporting used by the company
- Ensuring the information in the financial statement is formatted properly
The Cook CPA Group understands how financial statement audits, reviews, and compilations can benefit a company, and we can help you get started on your audit. Our team of accountants has extensive experience assisting local and out-of-state companies with a variety of financial matters, and we would be pleased to offer you accounting services that can help advance your company to new levels.
Contact Our Experienced California Accountant/CPA to Discuss Your Financial Statement Audit Today
If you require help to perform a financial statement audit for your business, you should contact an experienced Roseville and Sacramento accounting firm for financial statement audits. Cook CPA Group is here to render services that meet your unique goals. We have extensive experience performing financial statement audits and would be pleased to give you the accounting services that are tailored to your needs. To schedule a free consultation to discuss your audit, contact the Cook CPA Group at (916) 432-2218. Our online form can also be used to schedule a consultation.