Financial Statements

In today’s volatile business environment, users of financial information are demanding greater reliability of financial and non-financial data.  You need to be able to rely on what you see to be able to make sound financial decisions about your current operations and future plans.

Our assurance services for financial statements include year-end and interim period financial statement preparation.  We know that our clients are best served if we can identify opportunities for you to improve operations, safeguard assets, and increase profits.  Our approach in all of our financial statement assurance services is to gain an understanding of your business so we can provide useful advice that takes your future into account.

Compilation

A compilation of financial statements refers to the process whereby a certified public accountant presents, in the form of financial statements, information that is the representation of management (owners).  The statements are presented in the appropriate form and without obvious material errors.  Our involvement in the preparation of compiled financial statements helps provide assurance to third party users such as banks and creditors.

Review

A review of financial statements provides limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with Generally Accepted Accounting Principles.  Reviewed financial statements are a level above a compilation.

We perform inquiry and analytical procedures and obtain representations from management in order to issue our review report covering the financial statements and required disclosures.

Audit

Audits provide assurance to third parties including stockholders, creditors and banks that the financial statements are presented, in all material respects, in conformity with Generally Accepted Accounting Principles.  Audited financial statements are the highest level of financial statement preparation services.

If your business needs audited financial statements, KITCHENMASTER, KLOOSTER & BEGALKA will work with you to obtain a qualified audit firm to help your business navigate the audit process.

To see how KITCHENMASTER, KLOOSTER & BEGALKA can help you, give us a call at 507-625-4910.