At the heart of every company’s financial operation is the financial statement. The financial statement should not only be accurate, but timely. It should not only let your company know where it is financially, but also give indications on where the company is going. At Bojrab, Kaufman & Company, we understand this importance.
In compiling financial statements for a client, we present information that is the “representation of management”, and express no opinion or assurance on these statements. Compilations don’t require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and general understanding of your business. Banks often require compilations from an independent CPA as part of their lending covenants.
Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements and various inquiries we make of your company’s management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.
An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific accounting documents and information as determined by the auditor or as established by AICPA professional standards.