Financial Statement Services (Compilation and Review)
Almost every organization – whether it’s a privately held business, a publicly owned corporation, or a nonprofit organization – must prepare reports on its financial performance. These reports help owners make operating decisions, enable creditors to evaluate loan applications and provide individuals with information to make investment decisions.
We recognize that different businesses have different accounting needs. Because of these differences, the profession has developed standards regarding financial statement presentation. Schlenner Wenner & Co. offers financial statement services using a clear and consistent format that ranges in procedure and assurance.
A review seeks an in-depth understanding of your business and financial information. Less encompassing than an audit, a review is sufficient for businesses that must report their financial positions to third parties such as creditors or regulatory agencies. We use management inquiries, analytical procedures and our knowledge of the industry and your business to provide an evaluation of your company’s financial statements. A review provides “limited assurance” that nothing came to our attention requiring modification. This “negative assurance” gives you confidence that your statements conform to generally accepted accounting principles.
A compilation allows us to become familiar with your business and industry and then compile financial information into a financial statement format. We will then review the documents to see if they appear reasonable and free from any obvious misrepresentations or departures from generally accepted accounting principles, but we will not express an opinion or an assurance about these statements. Compilations allow managers a clear picture of the financial status of their business. Often outside parties, such as lenders or suppliers, require that businesses submit compiled financial statements before they advance credit. Compilation is also useful in that it may help determine your business's need for additional accounting services.
For more information, please e-mail Jill Hoffmann at firstname.lastname@example.org, Brian Bastian at email@example.com or call 320.251.0286.