Empowering Business Decisions Through Accurate Financial Reporting
Companies of all sizes in every industry have options when selecting an assurance engagement related to their financial statements. Whether you are looking to provide transparency to internal stakeholders, are developing a business relationship with lenders, creditors, or investors, or need to report your monthly, quarterly, or annual financial performance, KSM can help you decide which reporting method best fits your needs and your budget. Reviews, compilations, and audits are all important – yet very different – tools and provide varying levels of attest services that can help your company tell its financial story as explained through financial statements.
If your company is looking for a general, organized overview of its financial statements without the need for assurance, then a compilation is a cost-effective choice. Using information provided by management of the company, we apply accounting, financial, and industry expertise to assist in presenting information in the form of financial statements. However, there is no requirement for us to verify or corroborate the accuracy or completeness of the information. We report on the financial statements, but no assurance is provided.
A financial statement review provides limited assurance on the financial statements, without going to the lengths and expense of an audit. During a review, we identify whether there are any material modifications that should be made to the financial statements with a focus on making inquiries of management and performing analytical procedures. A review does not require KSM to consider internal controls over financial reporting as part of the planning of the engagement as would be required by an audit.
An audit is a deep dive into your company’s financial statements, providing the highest level of assurance available. Audits are needed for many reasons, and KSM has extensive experience and success helping clients through this process.
We’re committed to providing the highest-quality product and client experience and have adopted a number of technologies in recent years designed to deliver exceptional efficiency and value to your organization. Among these are tools that enable us to collaborate with each other and with our clients in the cloud, making the process easier and more seamless for you.
Meeting Your Reporting Objectives
No matter which service you select to meet your needs, KSM is committed to providing a consultative approach to every engagement. Contact a KSM advisor or complete this form to discuss your reporting objectives.
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