Each H&J CPAs business client gets the same level of efficient, timely, professional service, and each client's needs are watched over and managed by one of our partners.
We begin each new relationship with a detailed plan, built with our client's convenience as a key element. The plan includes a projected timeline and a description of the scope and nature of the work we anticipate.
H&J CPAs can help you with the entire gamut of accounting solutions including:
- Financial Statement Preparation
- Agreed Upon Procedures
- Forecasts & Projections
- Internal Control Analysis
H&J CPAs offers three levels of financial statements for business:
Audited financial statements are the product of our highest level of assurance services. In an audit, one of our CPAs performs all the steps required in a compiled or reviewed financial statement, but also performs verification and substantiation procedures. These procedures may include contact with creditors or debtors to verify amounts owed, physical inspection for inventories or investments, inspection of minutes and contracts, and other important steps.
Reviewed financial statements require inquiry and analytical procedures in addition to the procedures in a compiled statement. Upon completion, a report is issued stating that the review has been performed in accordance with AICPA professional standards, that a review is less in scope than an audit, and that the CPA did not become aware of any material modifications that should be made in order for the statements to be in conformity with generally accepted accounting principles or, if applicable, another basis of accounting.
Compiled financial statements are the most basic type of statement. In a compilation, the CPA must comply with certain basic requirements of professional standards, such as having knowledge of the client's industry and applicable accounting principles, and reading the financial statements to determine whether there are obvious departures from generally accepted accounting principles (or in some cases, another comprehensive basis of accounting used by the entity). It may be necessary for the CPA to perform other accounting services -- creating your general ledger or assisting you with the adjusting journal entries for your books, for example -- before the financial statements can be prepared.
Upon completion, a report is issued that states a compilation was performed in accordance with AICPA professional standards, but that no assurance is expressed that the statements are in conformity with generally accepted accounting principles. Compiled financial statements are often prepared for privately-held entities that do not need a higher level of assurance expressed by a CPA.
Would you like to learn more? Contact H&J CPAs today.
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