Financial Statement Reviews Loudoun County, VA
A financial statement review is where we perform some analytical procedures and give limited assurance that the financial statements are not materially misstated.
In a financial statement review, your CPA performs the necessary procedures to ensure that your financial statements are in good condition. Your CPA would provide a limited assurance that your financial statements correlate and are in line with the Generally Accepted Accounting Principles.
A review is quite different from a compilation. For example, in a financial statement review, management is responsible for preparing and presenting your company’s financial statements, while your accountant or CPA should have the general knowledge of the industry and business to review these statements given by management. Some procedures that we follow include:
- Finding transactions or activity in the financial statement that appear to be inconsistent
- Conducting ratio analyses with past, future, and industry results
- Confirming that the financial statements are in line with the Generally Accepted Accounting Principles
- Following up on questions or concerns regarding past reviews
A company’s financial statements are vital to the continued growth of your small business. Make sure you hire a professional to do a review of your financial statements. If you need help with a financial statement review in Loudoun County, VA, contact Gilliland and Associates for help!
Call (703) 448 – 9121 to discuss your business and individual accounting requirements.