E: dpeterson@burkhartpeterson.com / T: (210) 377-3311

Financial Statement Compilations & Reviews

Financial statements are a company’s presentation of its financial status…the end product of a complete and accurate set of books and records.

Sometimes when a business owner wants to use his financial statements to demonstrate company performance to a bank or prospective third party investor, he’ll need an accounting professional to express assurance that the books and records of the business are accurate. It is the common role of a Certified Public Accountant to attest to the accuracy of a company’s financial statements.

A compilation engagement is the least extensive and most affordable type of financial statement presentation. A compilation of financial statements is limited to presenting, in the form of financial statements, information that is the representation of management or owners. Accordingly, the accountant is not required to make inquiries or perform analytical procedures to verify or review management-furnished information.

A review engagement is more extensive than a compilation and provides limited assurance that no material changes are needed for the financial statements. Review procedures generally are limited to inquiries of company personnel and analytical procedures applied to financial data. These provide the accountant with a reasonable basis for expressing limited assurance that no material modifications need to be made to the financial statements in order for them to comply with Generally Accepted Accounting Principles (or another comprehensive basis of accounting).

Our Certified Public Accountants are available to provide attestation services to your business financial statements in the form of compilation engagements and/or review engagements. Please contact our office if you would like to discuss having us provide this service to your business.

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