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Mike Oliver CPA LLC

Contact Us (972)771-6489

Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company.

Your stockholders, creditors, or private investors have different levels of risk tolerance, so we provide three levels of assurance to meet your needs.

Compilation - Lowest Level of Assurance

In compiling financial statements for a client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements. Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.

Banks often require compilations from an independent CPA as part of their lending covenants.

Which Report Should You Use?

Each type of financial statement report may suit specific circumstances, depending on requirements from your client's bank or other parties, as well as meet budgetary needs.

Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you.

Review - Limited Assurance

Less extensive than an audit, but more involved than a compilation, your audit firm will coordinate with your review firm.  A review engagement consists primarily of analytical procedures applied to the financial statements  and various inquiries made of your company's management team.

Audit - Highest Level of Assurance

Although our firm does not provide audit services, your audit firm will work with your auditing firm as necessary.  An audit includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on the findings, the audit firm will issue a report on whether the financial statements are fairly stated and free of material misstatements.

Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you or complete the form below for a consultation.

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