Compilation
We offer compilation services to assist our clients in preparing financial statements following generally accepted accounting principles (GAAP). Our compilation services include the preparation of balance sheets, income statements, and cash flow statements. Also, to assist management in presenting financial information in the form of financial statements without undertaking to provide any assurance that there are no material modifications that should be made to the financial statements in order for them to comply with the acceptable financial reporting standards. The CPA’s report will not express an opinion or provide any assurance regarding the financial statements due to the even more limited scope of compilation procedures. We proudly offer these services as part of our broader support for non-profit financial services in Manhattan, New York.
Our team of professionals can assist you in developing accurate and reliable financial statements that meet industry standards and the needs of your stakeholders.
Review
We provide review services to provide limited assurance on financial statements. Our review services entail performing procedures to obtain limited assurance that no material changes to the financial statements are required to bring them into compliance with GAAP.
We perform the following review procedures:
- Inquiries about the business’s accounting practices and principles
- Procedures for recording and maintaining financial data
- Decisions made at meetings of owners or directors
- Management’s written assurances about the accuracy of all information provided to the CPA
- Management’s responsibility for internal control
- The responsibility of management is to prevent and detect fraud
Elevating Financial Integrity with Compilation and Review Reports
Compilation services help businesses and nonprofits produce financial documents such as balance sheets, income statements, and cash flow statements. These reports assist management in conveying financial status without expressing an audit-level opinion. Review services go a step further, providing limited assurance through focused procedures that help identify any necessary modifications, increasing stakeholder confidence in the financial data’s reliability.
Protecting Your Business with Expert Compilation and Review
Selecting expert professionals ensures financial statements comply with GAAP and industry standards, which is essential for internal decision-making and external reporting. Skilled CPAs apply established procedures while maintaining independence, reducing risk, and supporting regulatory compliance. This approach can protect organizations by highlighting areas that may need correction before more formal audits or filings.
Frequently Asked Questions
This FAQ section provides clear answers to common questions related to the compilation and review of financial services, helping clarify their roles and benefits.
What distinguishes compilation from review services?
What types of financial statements are typically compiled?
How does limited assurance in a review service differ from an audit?
Are these services suitable for non-profits or small businesses?
What responsibilities does management have during compilation and review?
Can these services detect fraud or errors?
Let’s Bring Clarity to Your Finances
Partner with Valles Vendiola LLP for dependable accounting solutions that support every stage of your business. Our team is here to provide clear guidance and trusted service. Connect with us today to get started.