Users of financial information may include a company’s management, lenders, investors, customers, and suppliers, to name a few. SBY can perform procedures to satisfy the level of assurance required by your financial statement users. SBY provides the following financial statement services:
The AICPA's, “Guide to Financial Statement Services: Compilation, Review and Audit” provides the following description of assurance services:
“A CPA can obtain a level of “assurance” about whether the financial statements are in accordance with the financial reporting framework. The CPA obtains assurance by obtaining evidence. There are different levels of assurance that a CPA can obtain that can range from no assurance at all, to the highest level of assurance, which is an audit. The level of assurance required by lenders is typically based on the size of the loan, the collateral and their determination of the overall risk. Other situations that often require a level of CPA assurance include performance bonding and leasing. Certain trade creditors, outside investors or family owners that are not actively involved in the business may also request or require a level of assurance on your financial statements. If your requirements are unclear, in many cases, your CPA can speak with your lender and others about the level of service that will satisfy their requirements.”
In my experience, it would be a stretch to say most companies ‘enjoy’ the process of getting audited financial statements, which typically involves providing a plethora of documentation and answering a myriad of questions. Make no mistake, there is legwork required on both sides of financial statement attest services.
While oftentimes attest services are seen as simply a cost to satisfy financial statement users, I have participated in financial statement audits that have more than paid for themselves by uncovering fraud. While this is in no case the norm and there is no guarantee that any fraud will be caught in any attest service performed, I have seen first-hand the value that can be provided by going through an audit.
Whatever your unique situation is, SBY is happy to discuss financial statement services to help find a solution that works for you.