Financial Statements - Compilations

Banks, bonding companies, stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company.

Your bank, bonding company, stockholders, creditors, or private investors have different levels of risk tolerance, there is three levels of assurance to meet your needs - Audit, Review or Compilation.

Compilations: 

In compiling financial statements for a client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements. Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.

Banks often require compilations from an independent CPA as part of their lending covenants.

In regards to an Audit or Review - Bangerter Lund & Associates can provide detailed information and assitance in understanding these types of attest work.  Each type of financial statement report may suit specific circumstances, depending on requirements from your client's bank or other parties, as well as meet budgetary needs.

Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you.

Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you.

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