Financial Statement Services
Businesses are often required to provide financial statements to banks, bonding companies, investors, or regulating agencies. We provide two levels of assurance to meet your individual requirements:
Compilation-lowest level of assurance
Banks often require compilations from an independent CPA as part of lending covenants. In compiling financial statements, we represent information that is the "representation of management." Management inquiries and analytical procedures are not performed. We compile the financials based on our knowledge of accounting principles and a general understanding of your business. We do not express an opinion or assurance on the statements.
Review-limited assurance
Bonding companies for construction contractors often require reviewed financial statements. Financial statement requirements for contractors are different from those for other businesses. We have experience with the construction industry; therefore, the majority of our review engagement clients are specifically construction contractors.
Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company's management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.
A review can be a good middle ground, providing the advantages of a CPA's technical expertise without the work and expense of an audit.
Valerie J. Axt CPA does not provide audit services.
Compilation-lowest level of assurance
Banks often require compilations from an independent CPA as part of lending covenants. In compiling financial statements, we represent information that is the "representation of management." Management inquiries and analytical procedures are not performed. We compile the financials based on our knowledge of accounting principles and a general understanding of your business. We do not express an opinion or assurance on the statements.
Review-limited assurance
Bonding companies for construction contractors often require reviewed financial statements. Financial statement requirements for contractors are different from those for other businesses. We have experience with the construction industry; therefore, the majority of our review engagement clients are specifically construction contractors.
Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company's management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.
A review can be a good middle ground, providing the advantages of a CPA's technical expertise without the work and expense of an audit.
Valerie J. Axt CPA does not provide audit services.
Valerie J. Axt, CPA
1351 Page Drive S Suite 108, Fargo ND 58103
Tel (701) 235-2733