Hicks & Williams LLP - Certified Public Accountants

Financial Statements - Audits, Reviews and Compilations

Hicks & Williams LLP Financial statements reveal where you are and what resources you really have, with this information you can identify which direction you need to go, what decisions have to be made and what it will take to get there.

Audits, reviews and compilations are services designed to help you provide financial statements that show the financial results of your business at a level of assurance that fits your situation.

Audits: result in an independent CPA firm’s expression of an opinion on whether the company’s financial statements are presented fairly. These are generally required by outside parties, such as investors, creditors, lenders or regulatory agencies seeking significant assurance about the financial position, results of operations and cash flows of your business.

Reviews: result in a report where the CPA provides “negative assurance” regarding the fairness of financial statements. The report states that the accountants are not aware of any modifications that would be necessary to make the financial statements fairly presented. Reviewed financial statements are often used by businesses to report their financial position, results of operations and cash flows to third parties where audits aren't required.

Compilations: result in an accountant’s report stating they have compiled the financial statements, but do not provide any assurance on the fairness of the financial statements presented. Compilations are favored by businesses that do not require audits or reviews because the users are comfortable with the financial information provided without any assurance from the CPA.

During these challenging economic times, it’s important to find a certified public accounting firm that you can trust to help you navigate the changing tax laws and to support your financial goals.  Let us prove why we are the right CPAs for you!  Contact Hicks & Williams LLP today to discuss your goals.