Different stakeholders including creditors or private investors have different levels of risk tolerance, but they don’t always require a complete financial statement audit. When a comprehensive audit isn’t required, we oftentimes suggest for-profit and nonprofit organizations alike consider less complex procedures such as a reviewed financial statement or compilation.
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A financial statement review provides limited assurance. Our financial statement review process is less extensive than a full audit, but more extensive than a compilation. They are designed to evaluate whether your accounting principles are in accordance with Generally Accepted Accounting Principles (GAAP). During a typical engagement our team will:
Analyze and report your financial position and results of operations, including prior year and industry average comparisons and any detectable variations
Perform ratio analyses of financial data, such as gross margin analysis and turnover ratios, to improve your ability to forecast financial results and trends, and provide key indicators of your organization’s performance
Evaluate your significant accounting policies, including revenue recognition policies to ensure compliance with ASC 606
Look for fraud or the potential for fraud and identify controls that can mitigate fraud risks
Analyze your debt covenant requirements to provide assurance to lenders that you are operating within agreed-upon financial thresholds for your outstanding loans
Evaluate debt, lease and other contractual agreements to identify financial obligations
Search for potential enhancements to operating or internal control procedures, to provide assurance that your systems, processes and controls are appropriately designed to increase business effectiveness
We work with our clients to provide meaningful financial statements that can be used in their business. Normally financial statements consist of a Balance Sheet and a Statement of Income. We can also provide a Statement of Cash Flows as well as Footnotes to the financial statement.
Do you have questions about services we offer including Bank Financing in Greensboro and Charlotte? Would you like to receive a personal Bank Financing services customized to your specific needs? To schedule an appointment with a nationally recognized, best accountant Greensboro, Mildrid Esua of Mildrid Esua, Cpa, PLLC firm, please contact our Greensboro or Charlotte tax accountants for a FREE CPA consultation.