Reviewed & Compiled Financial Statements

Reviewed Financial Statements

Almost every organization finds it necessary to prepare reports on its financial performance, but different businesses have varying levels of need in this area. That’s why Ramsay offers financial statement services that range in levels of procedure and assurance. Our accounting experts will help you determine which financial statement presentation best fits the needs of your business.

Preparing Reviewed Financial Statements requires our experts to gain an in-depth understanding of your business and financial information. Although reviewed financial statements are not as encompassing as audited financial statements, they are sufficient for businesses that must report their financial positions to third parties such as creditors or regulatory agencies. For this process, our experts use management inquiries, analytical processes, industry experience and extensive knowledge of your business to provide an evaluation of your company’s financial statements. A review provides “limited assurance” that no material modifications came to our attention during the process, and it gives you confidence that your statements conform to generally accepted accounting principles.


financial-statements.jpgIf you need a reviewed financial statement for an outside party, you must keep a general ledger that can
be traced to supporting documents to ensure accuracy. Our team at Ramsay & Associates can help you accomplish this. 

Every three years we are required to have an independent Quality Review of the financial statements we prepare and procedures used to prepare them. We continue to receive a clean letter of review from the independent source.

Compiled Financial Statements

Our team of experts at Ramsay will work side by side with your management team to assist you in determining which type of financial report is most beneficial or necessary to meet the requirements and goals of your business. These various levels of reports can be used to help make operating decisions, enable creditors to evaluate loan applications or provide valuable investment information.

When preparing your Compiled Financial Statements, our team will begin by becoming familiar with your business and industry. Next we arrange your financial information into a financial statement format. Finally, we analyze the documents to see if they appear reasonable and free from any obvious misrepresentations or departures from generally accepted accounting principles. During the compilation process, we will not express an opinion or an assurance about your statements. However, you will gain a clear picture of the financial status of your business.

Lenders or suppliers often require that businesses submit compiled financial statements before they advance credit. A compilation can also be useful in determining if your business needs additional accounting services.

If you need a compiled financial statement for an outside party, you must keep a general ledger that can be traced to supporting documents to ensure accuracy. Our team at Ramsay & Associates can help you accomplish this. 

Every three years we are required to have an independent Quality Review of the financial statements we prepare and procedures used to prepare them. We continue to receive a clean letter of review from the independent source.

 

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