Compilation and Review

Compilation involves preparing financial statements based on information provided by a company’s management, and will often involve some adjustment to the accounting records. Depending on client needs, we can provide compiled financial statements on a monthly, quarterly or annual basis. Sufficient for many small, private companies, a compilation provides no assurance that the financial statements are free of material misstatements or errors and may be presented in conformity with Generally Accepted Accounting Principles (GAAP) or Other Comprehensive Basis of Accounting (OCBOA).

Reviews are often needed for companies that must report their financial results to third parties such as creditors, regulatory agencies, or business owners who are not actively involved in the management of the company. During a review, we make inquiries concerning financial statement-related matters, interviewing company management and personnel as needed. We use analytical procedures designed to identify unusual items or trends in the financial statements that may require further analysis. A review provides limited assurance that material changes to the financial statements are not necessary.

Our strength in these areas are derived from practical hands-on experience. The principals of PSG have been involved in a variety of different businesses ranging from restaurant franchise ownership to HR outsourcing and consulting. This invaluable real life experience translates into unmatched value added for each and every one of our business clients.