Accounting is an important aspect for every company, so it is vital to choose an accounting firm with the expertise to provide stellar services. There are three different levels of financial statement service offered at McLan Accounting Services LLC, including audits, reviews, and compilation. Each financial service option provides you with a different level of assurance regarding your company’s financial account. For instance, an audit of your company’s finances requires a closer analysis of financial statements and accounts but provides third parties with the most assurance regarding your account. If you are not sure which financial statement service would be best for you and your company, you can read more about each option below.
An audit is the best way to assure yourself and third parties of the status of your company’s financial situation. Auditing involves an examination and confirmation of your company’s account balances, inventories, and selected transactions. By having a deeper analysis of your company’s finances, you can have a better understanding of how your company has produced and can provide better statistics to third parties. Auditing can remove any existing errors and can help assure third parties of your business’s financial information by ensuring the validity and reliability of financial information. Auditing your company’s account may save you time in the long run, however, as an audit may be necessary depending on the result of the initial review of the company’s accounting records.
When considering a review of your company’s finances, it is important to consider the fact that outside interests may not receive much reassurance from reviews. Reviews are a great way to double check the integrity of your financial data, even though it cannot assure you as much as an audit. Completing a review of your company’s finances analytical procedures and inquiries in the hopes of confirming financial statement matters. Reviews of your company’s finances can also expose financial matters and items that may require deeper analysis, such as a complete audit. A review is a great way to periodically check on the status of your company’s financial statements every so often to make sure everything is up-to-par.
Compilation is a financial statement service used for internal purposes, and are completed based on information provided by company management. it is important to keep in mind that compilations do not offer assurances for yourself or third parties. Even though compilations are not produced from a deep analysis of financial statements and accounts, companies can make some adjustments to accounting records based on the results of the compilation.
By choosing McLan Accounting Services for your financial statement services, you are guaranteed experienced professionals who provide thorough analysis and research. If you have questions about which financial statement service is right for you and your business, contact us at (718) 871-8250.