Compiled Financial Statements

Compiled Financial Statements

Overview

Business financial review services offer a less intensive examination than a full audit, focusing on performing analytical procedures and inquiries to verify the credibility and consistency of financial information. 

This service is ideal for organizations seeking assurance about their financial statements without the thoroughness of an audit. Meanwhile, a financial statement compilation involves an external accountant converting a business's bookkeeping data into tailored financial statements, including a profit and loss report (income statement), balance sheet, statement of equity or retained earnings, and cash flow statement. 

Unlike audits or reviews, compilations do not provide assurance on statement accuracy or evaluate internal controls. Instead, the accountant relies on information provided by the company's management to prepare the financial statements. 

Businesses often use compiled financial statements to furnish financial information to lenders, investors, or other external parties, offering a more cost-effective option compared to audits while still inspiring confidence in the reliability of the financial data.

What’s Included in a Compiled Financial Statment?

Our business financial review process involves understanding the business and its environment, conducting analytical procedures, and making inquiries of management. We focus on significant trends and items that appear inconsistent, offering a limited assurance that no material modifications are needed for the statements to be in conformity with accounting principles.

Why Choose Dimov Audit for Your Auditing Needs?

  1. Compliance Assurance: Our auditors ensure your financial statements align with key accounting standards like GAAP or IFRS, instilling confidence and credibility among stakeholders.
  2. Risk Evaluation: We analyze risks associated with your financial reporting and assess internal controls to fortify your framework and reduce error risks.
  3. Industry-Specific Proficiency: With expertise across sectors including manufacturing, financial services, technology, non-profits, real estate, and HOAs/Condos/Co-ops, our auditors cater to your unique audit requirements.
  4. Regulatory Adherence: Our audit services guarantee compliance with regulatory requirements stipulated by governmental bodies and other regulatory entities.
  5. Transparent Communication: We maintain clear communication throughout the audit process, providing updates, discussing findings, and offering actionable suggestions for enhancement.
  6. Specialized Focus: As a dedicated division of Dimov Tax, we focus solely on audits. This specialization enables streamlined processes and cost efficiencies, ensuring competitive pricing without compromising service quality.
Faq's

Frequently Asked Questions

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What is a Financial Statement Audit?
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Why Does My Company Need a Financial Statement Audit?
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What Does a Financial Statement Audit Include?
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How Do I Prepare for a Financial Statement Audit?
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How Long Does a Financial Statement Audit Take?
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Can I request a consultation with Dimov Audit?
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What is a Financial Statement Audit?
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Why Does My Company Need a Financial Statement Audit?
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What Does a Financial Statement Audit Include?
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How Do I Prepare for a Financial Statement Audit?
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How Long Does a Financial Statement Audit Take?
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Can I request a consultation with Dimov Audit?
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What are compiled financial statements?
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Who can compile financial statements?
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What is an audited financial statement?
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Are audited financial statements confidential?
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Are private companies required to have audited financial statements?
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Do I need audited financial statements?
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Does the audit committee approve financial statements?
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Does the SEC require audited financial statements?
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How long does a financial statement audit take?
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How often are financial statements audited?
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