Whether you use financial statements internally to assess and monitor the performance of your business or are required to submit them to a third party lender or vendor, one thing remains the same; you want them accurate and you want them timely.
At Zinner & Co., we go beyond preparing financial statements by providing expert analysis to help you better understand what the results mean for your business. In addition, we will assist you in determining the appropriate level of service to meet your financial statement reporting needs.
There are three main levels of financial assurance Zinner & Co. can provide: compilation, review and audit. Each progressive level of service provides a different level of opinion as to the integrity of the information and requires more inquiry and testing of the information and controls that make up the financial statements.
A compilation is used to present financial data provided by an entity’s management in the form of financial statements that are free from obvious material errors, but without any opinion expressed regarding conformity with the basis of accounting or other assurances.
Zinner & Co. provides a compiled financial statement for companies who are looking for an outside third party perspective on the story being presented through the financial statement. It can be for internal purposes or for external requirements such as bank loan covenants.
Though no assurances are provided on the information, our input can provide important feedback to management as to how the company is performing.
A review of the financial statements provides limited assurance in that as CPAs we are not aware of any material modifications that should be made to the financial statements.
We perform a set of inquiries with management and review analytical information in making this determination. However, unlike an audit, review procedures do not require the CPA to test transactions, procedures, controls, or representations by management.
Even though the required procedures of a review are far less thorough than an audit, our team of professionals is always looking for ways to improve your business’ operations.
An audit is the highest level of assurance service and will often fulfill the requirements of outside third parties. In addition to the work performed in a compilation and review, audits also include transaction testing, understanding internal controls, and assessing fraud risk. Zinner & Co. auditors are well versed in auditing standards and principles and invest the highest degree of integrity in each of our audit engagements. We stake our reputation on each financial statement we sign.
In addition to the above levels of financial presentation, the staff at Zinner and Company can also provide other types of reports to address more specific needs. Read about our complete offering of Audit and Assurance Services.