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Financial data is just one element of making sound business decisions. Audits, reviews and compilations are the financial reporting tools you need to form a complete financial picture of your business. With greater accountability at stake, the accuracy and completeness of your financial reporting is essential. Depending on your situation, LSL provides a full range of financial reporting services for your business.
An audit is a process for testing the fairness, accuracy and completeness of information presented in a company's financial statements. This testing process enables an independent CPA to issue an opinion on how fairly and accurately the organization's financial statements represent its financial position. Typically, annual financial statements are subject to audit while interim statements are not.
Our audit work is in accordance with Generally Accepted Accounting Principles (GAAP). We perform a test of your financial data, analyze the information, and gather an understanding of your company's internal control process and how it impacts your financial reporting process. Professional standards also require that we obtain a sufficient understanding of a company's internal control in order to plan the audit. However, an audit does not automatically provide any assurance concerning internal control.
A review involves analytical procedures that provide limited assurance that financial statements are fairly presented. It is a mid-level assessment performed by an independent accountant (not your current CPA). We report to you whether we are aware of any modifications that should be made to the financial statements in order for them to conform with Generally Accepted Accounting Principles (GAAP).
A compilation involves obtaining information from management to prepare a financial statement (without expressing an opinion). A compilation is an internal report on the financial condition of a company.
LSL provides a full range of audit and financial reporting services including:
- Audits, reviews and compilations of financial statements
- Employee benefit plan audits
- Internal control, accounting system reviews and fraud detection
- Budget preparation and analysis
- Cash flow forecasts and projections
- Bank covenants
If you need Audit and Assurance Services, feel free to contact the experts at LSL CPAs at 714-569-1000 to set up an appointment today!
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