Levels of Financial Statement Reporting
Professional accountants at our accounting firm can determine the degree of reporting through assessing your business information, the companies industry, and its strengths and weaknesses. In addition to identifying the client’s needs, it is also necessary to identify the needs of other users of the financial statements.
Assurance Engagement Types
Perform Review Engagement
Review Engagement enhances confidence of the financial statements; that are prepared in accordance with financial reporting framework. Reviews can identify material misstatements or material that are not applicable to financial reporting framework.
Generally used by investors, or when selling a business; no audit requirements exists, however, users still require some assurance. Primarily an inquiry to obtain sufficient sufficient evidence on financial statements.
This process is used when management does not have expertise in financial reporting, and generally combined with other accounting services such as taxes. Typically, it is not standard to use for lending or financing, unless specified by the lender or creditor.
Generally used to obtain knowledge related to a companies operations and accounting systems. A tool used within management.