Financial Statements
The following are some details on the requirements and objectives of the different types of financial statements.
- Audit Financial Statements
Audit Financial Statements
are the highest level of financial reporting available. This service is provided by CPAs and is used when owners desire a higher level of assurance in their financial statements. This includes testing transactions, invoices, confirmations to third parties and other procedures. This service is used for year end reporting, to comply with loan covenants, bonding requirements, to obtain a contractor's license and other reporting requirements. These financial statements require full financial statement presentation and footnote disclosures.
- Review Financial Statements
Review Financial Statements do not involve the testing like the audited financial statements. The focus in a review is analytical procedures, trends and analysis and other procedures. These financial statements require full financial statement presentation and footnote disclosures.
- Compiled Financial Statements
Compiled Financial Statements reflect the representations of management that are compiled into the correct format for reporting purposes. These financial statements can include full financial statement presentation with footnotes, or include only the compilation report, balance sheet and income statement without footnote disclosure.
- Management Reporting Financial Statements
Management Reporting Financial Statements are presented for management use only and are not for disclosure to the public or third parties. The financial statement presentation in these reports reflects the reporting requests of the owners and managers of the company. These reports are often used for interim financial reporting since they are typically used internally.
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Financial Statements |
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