Financial Statement Services
Earney and Company, L.L.P. provides financial statement services such as audit, review, and compilation. The quality control standards we adhere to are designed to provide assurance that we will provide your organization with a professional service that meets or exceeds the standards of our profession. We have experience and extensive training in working with specialized reporting standards for Nonprofit organizations, employee benefit plans, and common interest realty associations.
Compilation
Through compilation services, a CPA prepares monthly,
quarterly, or annual financial statements. However, he
or she offers no assurance as to whether material, or
significant, changes are necessary for the statements to
be in conformity with generally accepted accounting
principles, the cash basis, or the income tax basis of
accounting. During a compilation, the data is simply
arranged into conventional financial statement form. No
probing is conducted beneath the surface unless the CPA
becomes aware that the data provided is in error or is
incomplete.
Review
A private entity may engage a CPA to perform a review
of its financial statements and issue a report that
provides limited assurance that material changes to the
financial statements are not necessary. With respect to
reliability and assurance, a review falls between a
compilation, which provides no assurance, and the more
extensive assurance of an audit.
Audits
An audit is appropriate for entities that must offer
a higher level of assurance to outside parties. An
unqualified opinion from a CPA after an audit provides
reasonable assurance to stakeholders that the entity's
financial statements fairly present its financial
position and results of operation in accordance with
certain accounting principles.
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