Looking for help in professional financial reporting in Greater Los Angeles? How to know whether the Audit is necessary for your business or not?
Organizations, be it big or small —a privately held small business, a publicly owned corporation, or even a non-profit organizations for that matter, must have financial performance reports.
Such professional financial reports help in satisfying the stake holders for gaining credibility in terms of the written and documented information. Also, these reports assist owners as well as managers in making the operating decisions. Apart from the stated points, such financial reports are responsible for enabling creditors for evaluating the loan applications, and providing other related information to make investment decisions.
Audit – Topmost Assurance Level
Narayan CPA helps you achieve topmost assurance level, obtaining detailed information about your company, and communicating in depth with your existing customers, banks, vendors and attorneys. Thereby, getting particulars and data of your payable balances, receivable balances and so on. After being savvy of all these details, we also conduct inspections physically to obtain information about each of your operating cycle, which might include your cash receipts, other expenses, sales, payroll, etc. Audit papers prepared by us are inclusive of individual fact and term, leaving no stone unturned, documenting the detailed examinations and testing.
Review - Medium Assurance Level
Wondering why a business would request a review engagement? Suppose, a business wants to achieve a good middle ground, would like to avail CPA's technical expertise without having to conduct the detailed work and spending the higher expense of an audit. In such cases, Review is done in place of an Audit.
Being less extensive as compared to audit, review primarily comprises of analytical approach towards the financial reporting. This analysis doesn’t include third parties’ data verification or inspection of physical assets. Only if the information appears to be unstable or questionable, the detailed proceedings might be required. Financial Reports that are reviewed, are inclusive of the footnotes and related disclosures.
Compilation - Bottommost Assurance Level
Compilation of the financial reports includes a basic understanding of your business. Without having to conduct management inquiries or analysing any form of data, the statements compiled by us include the representation of management. No opinion or assurance is given on these financial statements. Often such compilations are asked by the banks as an integral part of their lending terms.
Please call for a free consultation, shouldyou have any questions regarding which report type would be right for your business.