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Financial Statement
Review and Compilation

Financial Statement Review

A financial statement review is a service under which we obtain limited assurance that there are no material modifications that need to be made to an entity’s financial statements for them to be in conformity with the applicable accounting framework (such as GAAP).
 
Although a financial statement review does not require us to obtain an understanding of internal controls and assess fraud risks or any type of audit procedures, we will use inquiries, analytical procedures, or review procedures to obtain limited assurance .

Financial Statement Compilation

A financial statement compilation is a service to assist the management of a business in presenting its financial statements. Unlike financial statement review, this presentation involves no activities to obtain any assurance that there are no material modifications needed for the financial statements to be in conformity with the applicable accounting framework (such as GAAP) .

Balance Sheet (Statement of Financial Position)

  • Shows a snapshot of a company’s financial position at a specific point in time.
  • Includes assets (what the company owns), liabilities (what the company owes), and equity (the residual interest in assets after deducting liabilities).

Income Statement (Profit and Loss Statement)

  • Presents a company’s revenues, expenses, gains, and losses over a particular period.
  • Reveals the net income or loss (revenues minus expenses), reflecting the company’s profitability.

Cash Flow Statement

  • Tracks the inflow and outflow of cash and cash equivalents during a specified period.
  • Divided into three sections: operating activities, investing activities, and financing activities.

Statement of Changes in Equity

  • Records changes in equity accounts like common stock and retained earnings over a specific period.

Purpose of Financial Statements

Transparency

Provides stakeholders with a transparent view of a company's financial health and performance.

Decision-Making

Helps investors, creditors, and management make informed decisions based on financial data.

Regulatory Compliance

Ensures adherence to accounting standards and regulations.

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Thomas

617-203-6088

Bill

617-504-1363

info@h-hcpas.com

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30 Eastbrook Road Ste 104, Dedham MA 02026

859 Willard Street Ste 400, Quincy MA 02169

At H & H Accounting, we simplify your financial journey with precision. Our seasoned professionals are dedicated to being your trusted partner for financial success.

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