We Ensure Statements are Accurate & Meet Applicable Standards
Financial freedom comes easier when you know your current financial situation. While the definition of financial freedom is unique to everyone, it typically means having the resources needed to weather unexpected expenses and make major money-related decisions without being stressed about them.
KV & Associates works with businesses and individuals to help them achieve financial freedom. Our financial reporting services provide
you with an objective and realistic picture of your current financial position so you can make better decisions regarding monetary goals.
A financial statement is a record of all business or individual activities, including income and revenue streams, expenses, and other capital or financial activities. The information they contain can help you do everything from weeding out possible inefficiencies to making decisions about various investments.
KV & Associates compiles unaudited financial records into financial statements, schedules, or reports based on the information you supply to depict how well you, or your company is doing in terms of liquidity, cash flow, investment potential, and profitability.
A Compilation Engagement report is a compilation of financial statements using financial information or data supplied by the client. This type of engagement is appropriate only where the client and other users:
The methods used to prepare a Compilation Engagement report are not designed to enable any licensed public accountant to provide any assurance on the reliability of the compiled information. To warn those reading the report of this lack of assurance, a "Compilation Engagement" is included that states no review was performed on the information and that the information may not be appropriate for use by whoever is reading the report.
Compilations are frequently used to prepare reports like financial statements to be used exclusively by a company’s management or for income tax purposes.
Business owners and individuals need a certain level of assurance their financial statements are accurate and meet applicable standards. A limited review engagement involves preparing and reviewing financial statements to determine whether they’re plausible or to be believed. Once an accounting professional reviews financial statements and is satisfied they’re not misleading, they issue a standard report that prefaces each financial statement.
When performing a review, an accountant remains independent from the client, so they must have sufficient knowledge of the client’s industry to make intelligent enquiry and assessment of the information obtained. The review can entail enquiries, analytical procedures, and discussion with responsible client officials.
The fundamental requisites for any financial statement are clarity, accuracy, conciseness, and compliance. KV & Associates is your local
professional solution for timely, accurate, and understandable financial statements. Talk to
about how our comprehensive financial reporting process helps you clearly see your financial standing and make better financial decisions.