Any company strategically planning for the future must rely on its ability to analyze its financial statements. When accurately prepared financial statements are provided to you in a clear and timely manner, they become the basis for a deeper understanding of your financial position. Whether you require accurate financial reporting for internal analysis, or as a part of current or proposed financing arrangements, the professionals at Arora & Guljarani are committed to preparing your financial statements in a timely and cost effective manner.
We offer several different levels of Financial Statement Assurance
- Audits (Highest Level of Assurance)
Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company. A successful audit helps businesses create value and mitigate risk. An audit provides the highest level of assurance. It is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice.
- Reviews (Limited Assurance)
A financial statement review is a service under which we obtain limited assurance that there are no material modifications that need to be made to an entity’s financial statements for them to be in conformity with the applicable financial reporting framework. Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company’s management team.
- Compilation (Lowest level of assurance)
A compilation is often the result of an accounting service known as write-up work. With compilations, or compiled financial statements, we convert the data provided by the client into financial statements without providing any assurances or auditing services. In compiling financial statements for a client, we present information that is the “representation of management”. Compilations don’t require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business. Banks often require reviews or compilations from an independent CPA as part of their lending covenants