Assessing and Reporting Your Financial Health
Your financial statements are critical to evaluating and monitoring your financial condition and operational results. At WellsColeman, we offer three levels of financial statement reporting to fit every business’s needs.
The first is an audit, which is the most extensive type of financial statement reporting. An audit ensures your records are in accordance with professional accounting standards and are a fair and accurate presentation of your transactions. Thanks to our in-depth understanding of your operations, our audit approach can also target your essential operations and head off any problems while still in the planning stages.
A financial statement review, which involves analytical procedures and inquiries of company personnel, provides limited assurance of compliance with accounting principles. A type of reporting may be appropriate for your business if you need financial statements for third parties, such as creditors, suppliers or regulatory agencies.
The third level of reporting is a financial statement compilation. We prepare a compilation solely from information provided by your company without any analytical procedures or reviews. Although there is no assurance of the compliance described above, this level of reporting may be sufficient for businesses requiring financial statements for internal use only.