Financial Statement Audit, Review and Compilation
Ensuring accuracy and quality with an eye to helpful improvements.
A mandated financial review can be daunting, even when you’re confident your business’s financial records are in order. Regardless of the depth of review required, Thornhill Financial performs the work with an eye toward helping you while maintaining independence.
While the accuracy and quality of the financial statements remain the focus of our review, we also look for areas for improvement in the financial reporting process. In addition, we understand tax mitigation is critical, and therefore, we consider tax implications and make suggestions where appropriate.
Levels of Financial Statement Review
There are three distinct levels of service relating to financial statement reporting that we provide our business clients. Each can be a useful tool, determined by your specific situation.
Level 1: Compilation
For small businesses with low bank debt.
Requires the assembling of financial data from your accounting records and presenting, in the form of financial statements, information that is the representation of management (owners) without undertaking to express any assurance on the statements. These are most often prepared for internal use or when lending amounts are not significant.
Level 2: Review
For mid-sized businesses with moderate bank debt.
An evaluation of your company’s financial statements using management inquiries, analytical procedures, and our knowledge of the industry and your business. The scope of a review is less than an audit, but it provides “limited assurance” that nothing came to our attention requiring modification.
Level 3: Audits
For large businesses with significant bank debt.
The highest level of service involving a critical review and selected independent verification of financial information. The audit results in an independent, professional opinion from a certified public accountant attesting to the fairness and accuracy of your financial statements and the representations they contain.
Audits are often necessary to comply with the requirements of lending institutions, suppliers, regulatory agencies or others who rely heavily on the information contained in your financial statements. Audits provide the “highest level of assurance” about the reliability of your financial
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