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Preparation of Financial Statements

 

Preparation of Financial Statements

Financial statement preparation and compilation services are offered on a monthly, quarterly or annual basis. This service offers no assurance as to whether material or significant changes are necessary for the financial statements to be in conformity with Generally Accepted Accounting Principles (GAAP), the cash basis, or the income tax basis of accounting. During the financial statement preparation, the data is simply compiled and arranged into conventional financial statement format. No probing is conducted beneath the surface unless one of our Accountants becomes aware that the data provided is in error or is incomplete. The compilation services being performed by the accountant will take a “common sense” look at the entity to decide whether the client needs other services. He or she will look at areas that may need additional research and attention, such as assistance in adjusting the accounting records.

A financial statement compilation conducted by an Accountants Point includes:

  • The Accredited Business Accountant being familiar with the accounting principles and practices common to your business’ industry/entity.
  • Acquiring a general understanding of your company’s transactions and how they are recorded.
  • After the financial statement preparation, the accountant reads the statements and considers whether they are appropriate in form and free from obvious material errors. While the financial statements were compiled, they were not reviewed, therefore no opinion is expressed, based on the information provided.