Small and middle-market businesses often have an alternative to the costly annual audit, particularly if they are not public. Iwanczuk & Associates performs reviews and compilations to add credibility to and enhance the reliability of your company’s financial statements. We can quickly compile your financial records into meaningful GAAP-compliant financial statements and offer limited-scope review testing.
We perform compilations and reviews either quarterly or at year-end for government contractors, technology companies, non-profit organizations, construction firms, medical practices, law firms and several other industries. Our experienced CPAs also provide personal financial statements for high net worth individuals and trusts.
Compiled financial statements are often prepared for privately-held entities that do not need a higher level of assurance expressed by a CPA. Our experienced CPAs are well-versed in the accounting principles and practices within the industries we work with and take the time to understand your business inside and out prior to performing any financial analysis. All financial statement compilations are performed in accordance with Rules 201 and 202 of the American Institute of Certified Public Accountants’ Code of Professional Conduct. We will address any significant questions that arise during the compilation engagement in order to ensure that they are free from obvious material errors. During the compilation engagement, we may help you with other accounting services, such as creating your general ledger or adjusting entries. Compilation reports do not express assurance.
A review engagement requires all of the procedures necessary for a compilation engagement, plus other procedures that enable Iwanczuk & Associates to provide limited assurance on the financial statements. In performing a review of your financial statements, we will meet with management regarding the accounting practices and principles used by your company, the procedures for recording and accumulating financial information, and the actions taken at meetings of the company’s stockholders or board of directors. We will also perform certain analytical procedures, including:
- Comparison of current-period financial statements with statements of prior periods or with current-period budgets or forecasts;
- Study of the financial statements to identify items or relationships between items that do not conform to expectations based on earlier reports or other information; and
- Review and consideration of adjustments made to the financial statements of prior periods.
Our reviewed financial statement reports express limited assurance and are often prepared for entities that have bank loans, outside investors, or trade creditors when those third parties do not require audited financial statements.