Business owners and managers, stockholders, investors, banks and other creditors rely on timely financial information for both decision-making and business performance evaluation. Lauteria & King provides the following levels of financial statement preparation services:
COMPILED FINANCIAL STATEMENTS
Compiled financial statements are prepared from information provided by management. The financial statements are not audited or reviewed and we express no opinion or assurance regarding the financial information presented. We will use our expertise to present the financial information in the appropriate financial statement formats and may provide you with advice and assistance regarding the recording and updating of financial transactions.
As part of the compilation service you may require or request services that extend beyond the mere presentation of financial statements. For example, bank reconciliations, extensive bookkeeping, or financial control system design may require us to state in the compilation that we are not independent with respect to your business. This generally is not a problem for any of the financial statement users but we will fully discuss the implications if performing this additional work is undertaken.
REVIEWED FINANCIAL STATEMENTS
A reviewed financial statement requires us to perform inquiries of your Company’s personnel and management regarding the financial information reported in the financial statements. We also perform certain analytical procedures to determine the reasonableness of the financial data. A review is substantially less in scope than an audit prepared in accordance with generally accepted auditing standards. However, reviewed financial statements are often acceptable to banks and other lenders when applying for or renewing credit facilities.