Audits, Reviews, Compilations and Preparation of Financial Statements

!Financial Statements

At McKonly & Asbury auditing, reviewing, compiling, or preparing financial statements is more than just our team of professionals analyzing your financial documents. We work with you and your team to better understand your goals and objectives so that we can best meet the needs of your organization. Our audit team has the experience and expertise to assist your company in producing top of the line financial statement reports.

To see the full scope of our financial statement audit services please see below to determine which level of service may best fit your organization.

Financial Statement Audits

Our team of dedicated financial statement auditors focus their time on conducting financial statement audits.  We specialize in conducting audits in accordance with generally accepted auditing standards and generally accepted government auditing standards.  Our clients utilize the accrual basis of accounting (US GAAP), income tax basis of accounting, the Financial Reporting Framework for Small and Medium Sized Entities, modified cash basis or any other comprehensive basis of accounting.   We partner with our clients to truly understand their industry, the risks facing their organization and the needs of the users of the financial statements.

Review of Financial Statements

A financial statement review is a service under which the accountant obtains limited assurance that there are no material modifications that need to be made to the organization’s financial statements for them to be in conformity with the applicable financial reporting framework (US GAAP, IFRS, income tax basis, etc.). A review consists primarily of inquiries of management and analytical procedures. A review does not contemplate obtaining an understanding of the entity’s internal control; assessing fraud risk; testing accounting records by obtaining sufficient appropriate audit evidence through inspection, observation, confirmation, or the examination of source documents; or other procedures ordinarily performed in an audit.

Compilation Engagements

A financial statement compilation is an attestation service to assist the management of a business in presenting its financial statements. Compilations do not provide any assurance regarding the information contained within the financial statements.  A financial statement compilation is the least expensive of the various forms of attestation services, and so is preferred by those cost-sensitive entities whose financial statement users are comfortable with this form of engagement.

Preparation of Financial Statements

Preparation of financial statements is a now a permitted service that accountants may provide.  We may be engaged to prepare your financial statements, however, the financial information is not subject to any level of verification and no assurance is provided on the financial statements.

Please contact us to determine which level of service may be required for your organization and best meets the needs of the users of your financial statements.