Both growing and established companies require credible, accurate financial statements for a variety of reasons, including complying with loan covenants and presenting to investors. Some business owners simply want independent verification that their accounting records are accurate. Depending on your company’s needs, KKB’s financial statement services comprise three levels of assurance: audits, reviews and compilations. Our advisors can consult with you and design your project depending on your required reporting standards and level of detail required by your financial statement users. Our tailored procedures to financial statement services allow us to scale and customize the approach and plan our engagements to maximize the risk-based approach in accordance with the most current audit and accounting regulations.
Audits offer the highest level of assurance and include in-depth examination of your accounts and records. Auditing techniques have evolved to employ AI and other technology tools for efficiency and to respond to a risk-based audit program. Banks, creditors, and outside investors may require an audit to ensure the accuracy of your business’s financial claims. We conduct audits to help you identify and remove errors, ascertaining the validity and authenticity of your information. Audits also serve as a best practice before selling a company or business, as they provide the buyer with accurate financial information and support the due diligence process.
Reviews provide limited assurance and rely on inquiries and analytical procedures that validate your overall financial statements while identifying areas that require additional analysis. A review is a good option for companies that want comfort for lenders, investors and other financial statement users without the additional cost of an audit.
Compilations are often requested for internal purposes and are based upon the data provided by business management, without assurance from the CPA. This level of service allows our team to review the underlying books and records to provide adjustments and guidance to the client’s in-house accounting team.