To minimize potential tax effects, our tax professionals emphasize not only precise return preparation but also advance planning of significant individual and business transactions that will really help your accounting firms in providing services to your clients. We regularly make our clients aware for any relevant changes to tax laws and regulations and deem it our responsibilities to educate our staff on new and updated tax practices and procedures. Our tax professionals attend technical sessions and seminars for keeping themselves for ever-changing tax trends, laws and developments.
FlowRocket’s transparent processes will keep you updated about some or the other latest industry updates at each stage of the Accounting / Bookkeeping cycle; monthly, quarterly and annually. Transparency in processes help identify risks and other impediments at an early stage. It also keeps the budget in check without compromising on quality.
Compiled Financial Statements
Compiled financial statements do not offer the highest level of assurance, rather it’s recorded as the lowest. unlike reviews and audits, they can be prepared without footnotes. In a compilation, there is no assurance that the statements are materially correct (i.e., With regards to generally accepted accounting principles or on another accounting basis such as the income tax basis).
However, this does not mean the financial statements are wrong, or an accountant can prepare a financial statement that has obvious errors. It simply means that certain analytical or independent third-party verification was undone.
Reviewed Financial Statements
Reviewed financial statements provide what is described as “negative” assurance. In another word, the accountant noticed the suggested statements were materially incorrect. This assurance is accomplished primarily by applying analytical procedures to financial statements. Our professional senior and junior accountants would be your back-office support in meeting your goals with accuracy and certainly with a faster turnaround time.
Audited Financial Statements
Above all, the most complex service and assurance level offered by CPAs is Audited Financial Statements. Audited financial statements are comparatively the most complex and in-depth. They demand a considerably large scope of work than compiled financial statements and reviewed financial statements. Audited financial statements provide your firm with an opinion letter from the CPAs, as to whether or not your financial statements are presented fairly, and in all material respects, under U.S. accounting principles. This audit requires the CPAs to gather an understanding of your business’s internal controls and at the same time, assess your potential fraud risks too. The CPA is required to
obtain verification and confirm that the amounts and disclosures your firm has presented in its financial statements are stated correctly as well as company’s internal controls are tested; and to perform other substantive testing procedures, wherein the CPA will select and design in order to gain the proper level of documentary evidence needed to issue an opinion as to whether your financial statements are presented properly and free of errors.