Accounting Services

Financial Statements

We provide all three levels of financial statement services:

  • Compilation
    In performing a compilation, we assemble the financial information you provide into financial statements. At this level of service, we express no assurance on the fair presentation of the financial statements. This is the lowest level of financial statement service.

    This level of service is generally requested when a business is in need of financial statements for its own internal use, lenders, or investors, and when the assurance of an audit or review is not required.
  • Review
    If you financial statement needs include a need for assurances not provided by a compilation, but do not require those of an audit, a review engagement may best fill your needs.

    A review is the second level of financial statement engagement. They are most generally performed to full the requirements of agreements with lenders, other contractural agreements, or board of directors requirements.

    In addition to the procedures included in performing a compilation, a review includes inquiries of management and an analytical review of financial data.
  • Audit
    The purpose of an audit is the expression of an opinion as to the fair presentatin of financial statements in accordance with accounting principles generally accepted in the United States of America. In performing the audit, we are required to determine whether the records and reports are reasonable and fairly presented through inquiries, investigation, and substantiation.

    We have experience performing audits of private businesses, not-for-profits, and government entities. This includes audits performed in accordance with generally accepted auditing standards and in accordance with government auditing standards (the Yellowbook).

    An audit is the highest level of financial statement services.

    Audits are generally performed when the highest level of assurance is required by the board of directors, loan agreements, grant agreements, contract agreements, by law or regulation, or by the entity's bylaws.

We will work with you to determine which level of service best fits you needs.

  • Agreed Upon Procedures
    Agreed upon procedures are performed when an entity wants an examination and review of specific financial information or areas of concern. A report is issued at the completion of the engagement, explaining the work performed, our findings, and recommendations. No financial statement is issued.

 
© 2011 Karen L Hammond, CPA, PC :: 4650 Mexico Road, Ste 201, St Peters, MO 63376