Financial Statement Services

Meaningful results drive performance

Audits, reviews, compilations and projections

Assurance so you can move forward.

When organizations need to provide an accurate and unbiased report of their financial position to investors, banks, suppliers, potential buyers or government agencies, a thorough financial statement audit is the answer. Our responsibilities as the audit firm go beyond reporting; we bring meaning to the results, allowing our clients opportunities to make improvements and enhance their financial performance.

We provide financial statement services for

  • Nonprofits
  • Small to mid-market privately held companies
  • Franchises

Our financial statement services

  • Audits
  • Reviews
  • Compilations
  • Forecasts and projections

Other services used by our clients

FAQs

 
How do I prepare for a financial statement audit?

The auditor will provide a prepared by client list. This list should encompass about 85% of what will be needed during the audit (questions and further requests are always inevitable). This list will typically include a trial balance (finalized year end numbers including all accruals if doing GAAP basis financial statements), reconciliations of major accounts tied to the general ledger, important business documents such as lease and debt agreements, and processes documentation of major transaction cycles. It is very helpful to do your own variance analysis on your financial statements on either the prior year or budget and provide to the auditor before beginning audit fieldwork. There will also be confirmation work that will need to be done on bank accounts, receivables and notes payable which will need to be done a month or two before beginning fieldwork in order for the auditor to receive responses back.

 
Will a financial statement audit show what areas need improvement?

An audit is not required to find and point out all areas of improvement however we are supposed to assess internal control and if we see any significant deficiencies or material weaknesses, we will formally issue a letter regarding those. Also, typical practice is to either have discussions or issue a management comment letter of any other areas we see could use improvement and to help be a solution in solving the problems.

 
Does a financial statement audit uncover areas of risk?

We are required to look at your financial statements and assess risk. We will tailor our procedures around what we perceive to be the assessed risk of each financial statement area. If we believe there to be a high level of risk, we will recommend how to improve.

 
What is proper GAAP accounting?

GAAP stands for generally accepted accounting principles. GAAP accounting means you include all necessary accruals in your financial statements or match your revenues and expenses to the period they are associated with. Accruals are items such as receivables or payables that have not been received or paid by year end. Some common items that are missed are prepaid expenses (i.e. insurance paid in full for a year), payroll earned but not paid, or vacation earned but not used.

Contact Becky for more info

Becky Gibbs, CPA

Becky Gibbs joined Boyum Barenscheer in 2008 and quickly took hold in the firm’s audit department. Past experience of accounting, documenting and implementing internal controls and acquisition assistance has added value to her attest engagements…