We are a full-service firm with a licensed accounting practice in Texas. Many firms offer similar services but stop short of adding real value to their client’s bottom line. Our entrepreneurial, solve-anything mindset and diverse, expert team truly differentiate our services from the crowd.
As a business owner, you may be accountable to creditors, private investors, and shareholders, all of whom are interested in ensuring that the company’s financial statements accurately represent the true financial position of the company. We provide a full suite of financial statement services and can help you decide which solution best suits your business needs.
Audit services are the highest level of financial statement certification service provided. We work closely with key personnel to gain knowledge of internal control systems. Verification and substantiation procedures are performed in accordance with Generally Accepted Auditing Standards (GAAS).
Not as comprehensive as an audit, reviews provide limited assurance that the financial statements provided are free from material misstatements or inaccuracies. Key personnel are interviewed about the company’s accounting policies and procedures, industry, operations, and financial statements and then a review report is issued.
In an Agreed Upon Procedures engagement, we can provide a customized report and analysis of specific financial areas of your business. We do not issue a formal opinion but do issue a report covering the areas evaluated.
There are three types of CPA certified financial statements:
Compilations. The first level of service is the compilation. There is no verification that the numbers presented in the statements are accurate and the financial statements produced are for management and third-party use.
Reviews. More involved than a compilation, but not as comprehensive as an audit, reviews provide what is technically referred to as “limited assurance.” Key personnel is interviewed about the company’s accounting policies and procedures, industry, operations and financial statements. A review report is issued as well.
Audits. Audit services are the highest level of service provided. We work closely with key personnel to gain knowledge of internal control systems (“checks and balances”). Verification and substantiation procedures are performed in accordance with Generally Accepted Auditing Standards (GAAS).
Which financial statement you need depends on the level of assurance or financial accuracy you or your advisors and financial partners are seeking. For instance, you may decide a compilation is all you need this year, but in subsequent years, you may decide that a review – or even an audit – provides better information about your financials and enables you to make better decisions about the future growth of your company. It is also possible that a third party, such as a creditor, may require a certain level of financial statement preparation based on their relationship with your company.
In an Agreed Upon Procedures engagement, the accounting firm does not issue a formal opinion on the accuracy and risks associated with the financial statements. In some cases, it may also focus only on certain areas of the business that are “agreed upon” beforehand versus an audit which evaluates and provides an opinion on the entirety of a company’s financial situation. If you are confused about which format is right for you, reach out today for a complimentary consultation.
Disclosure: The information contained within this website is provided for informational purposes only and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional accountant.
Every business deserves the opportunity to realize next-stage results.
But not all are equipped to meet the the operational needs of a burgeoning (or struggling) enterprise. Vine Advisors provides businesses, from startups to Fortune 500s, a nimble, innovative approach to overcoming the diverse challenges of today’s business environment.
Together, we’ll put our decades of proven, diverse operational experience to work, providing solutions to your most complex business challenges.
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Disclosure: The information contained within this website is provided for informational purposes only and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional accountant.
