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Financial Statement Services

We do Accounting in West Palm Beach, FL

Accounting of the Palm Beaches, LLC

Providing Strategic Accounting Solutions

For Your Unique
Business Needs


Stay Updated (561) 293-3004

Financial Statement Services

Preparation

The financial statement preparation service is primarily intended for your own use to have current information on the financial standing of your business and to make decisions accordingly. In essence, we typically perform this service in conjunction with our Small Business Accounting and Bundled Services and can be monthly, quarterly or annually. The financial statements are prepared in accordance with an acceptable financial reporting framework.

Compilation

In compiling financial statements for a client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements. Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.

Banks often require compilations from an independent CPA as part of their lending covenants.

Review

Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company's management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.

A review doesn't require us to study and evaluate your company's internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: "We are not aware of any material modifications" for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures.


You can book and manage appointments online using our booking page, by clicking the "Schedule your Appointment" image and select the “New Client Onboarding Consultation” option for a FREE Initial Consultation.

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Learn more about Financial Statement Engagements by referencing our brochure o assist our clients in understanding the differences between the levels of service. It has been updated for SSARS No. 21 guidance.

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Accounting of the Palm Beaches, LLC

West Palm Beach, FL 33417
Call Us: (561) 293-3004