Effective Concord Financial Statement Audits, Reviews, & Compilations
Whether you wish to acquire a bank loan, hold a meeting with potential investors, or review your company's financial status, a financial statement audit can be invaluable. Our efficient CPA has provided small businesses, start-ups, and nonprofits with financial statement audits, reviews, and compilations since 2011. We provide clarity regarding your business's finances by thoroughly cross-checking your financial information.
LNB Accounting is proud to assist the businesses of Concord, Walnut Creek, Antioch, and the surrounding communities with their pressing accounting and tax needs. We can consult with you in person at our office or provide services virtually to businesses in areas such as Los Angeles or the San Francisco Bay Area. Get in touch with our friendly team in Concord today regarding your free initial consultation!
What are Audits, Reviews, or Compilations?
We conduct audit, review, and compilation engagements for nonprofits and nonpublic companies. Financial audits and review engagements are the two types of assurance services provided by an independent auditor.
A financial statement audit is the examination of an entity's financial statements and disclosures by an independent auditor. Our team performs a thorough and systematic analysis of your company's documents, vouchers, accounts, and records. We review internal controls, search for discrepancies between accounts, and compile suggestions for improvements. Upon completing our audit, we draft an auditor's report. The auditor's report is a written letter stating our professional opinion on whether your data is free of material misstatements and conforms to conventional GAAP accounting principles.
A financial statement review is less exhaustive than an audit but can provide limited assurance that your company's accounts meet standard accounting principles. Our accountant performs inquiries, undertakes basic analytical procedures, and checks written statements to detect clear errors or inconsistencies. We highlight any mistakes in our final report, so you have the opportunity to make the necessary corrections to keep your accounts accurate and up-to-date.
A financial statement compilation allows us to collect your data and present it in an organized, comprehensive statement. A compilation provides a management perspective of your company's finances as they are reported to us. With a compilation, your financial data can easily be shared with authorized outside entities and company officials. Our accountant does not perform any analytical procedures or inquiries and cannot offer any opinion or assurance regarding your data's compliance with accepted accounting principles.
Which Service Will Meet My Needs?
You may be considering receiving a compilation, review, or audit for several reasons. Depending on your institution's specific needs, one service may be more appropriate for you than the others.
Under federal or state law, many nonprofit organizations are obligated to conduct regular audits to maintain their nonprofit status. Audits assure regulating agencies that you are financing within legal limits and using your funds responsibly. You may also need an audit to satisfy your internal board of directors or business partners. An audit can provide critical insights into your company's efficiency and internal controls and highlight avenues for improvement.
Reviews can be beneficial in many ways. Many banks request a review before offering a loan to ensure your finances are secure and properly represented. Potential investors, shareholders, and business partners may ask for an independent review so they can develop an understanding of how your company is performing. A financial statement review helps others see that your business is financially stable and can overcome sudden misfortune.
A compilation results in a neat, well-organized set of financial statements. When you allow us to organize and arrange your data, we make it easier than ever for your investors, shareholders, or executives to review your finances.
Supporting You with Efficient Compilations, Reviews, & Audits
At LNB Accounting, we are excited to partner with your nonprofit or nonpublic company to provide you with an audit, review, or compilation engagement. Whether you are looking to secure crowdfunding, a bank loan, or compliance with a requirement from your board of directors or regulatory agency, we are here to assist. Contact our experts at LNB Accounting today so we can begin working on your behalf!