In today’s complex, challenging and dynamic economic environment there is an increased need for reliable and accurate financial information and reporting. It is necessary for both company owners to assist in critical business decisions and for third parties when making investment and lending decisions.
Whether you are trying to obtain or retain financing from banks or investors or deciding whether to commit to a business expansion; or looking for credible financial information to ascertain the risks involved in doing business with customers and suppliers, it is essential that financial reporting be consistent from year to year while representing accurate and reliable financial information regarding performance of the company.
There are three primary distinct levels of service that CPA’s provide involving financial statements. Each is designed to meet a different need.
A compilation is useful to small privately held entities. It provides assistance to management in presenting information in the form of financial statements on a monthly, quarterly or annual basis.
A private entity engages a CPA to perform a review of its financial statements and issue a report that provides limited assurance that material changes to the financial statements are not necessary. A review may be adequate for entities that must report their financial position to third parties, such as creditors or regulators. With respect to reliability and assurance, a review falls between a compilation, which provides no assurance and the more extensive assurance of an audit.
An audit is the third and most extensive service. An audit is appropriate for entities that must offer a higher level of assurance to third parties. An audit provides reasonable assurance to outside parties that the entity’s financial statements fairly present its financial position and results of operations in accordance with certain accounting principles.
BHCB also offers attestation services such as:
- Agreed-upon procedure engagements
- Reporting on financial forecasts and projections
- Reporting on pro forma financial information
- Compliance attestation
BHCB will work with you to determine which service is appropriate for your company. Our professionals have diversified skills and expertise. We have a broad variety of experience in a number of industries to give our clients the insight they need to accomplish their business goals.