KV & Associates compiles unaudited financial records into clear financial statements, schedules, or reports based on the information you provide. This allows us to present a detailed picture of your liquidity, cash flow, investment potential, and profitability.
Financial Statements
Gain Peace of Mind with Expert Attention to Your Finances
Financial freedom is within reach when you have a clear understanding of your current financial situation. While the definition of financial freedom varies for each individual, it often means having the resources to manage unexpected expenses and make significant financial decisions with confidence, not stress.
At KV & Associates, we partner with both businesses and individuals to help achieve financial freedom. Our financial reporting services provide an objective, realistic view of your financial position, empowering you to make informed decisions toward your monetary goals.
A financial statement is a comprehensive record of all financial activities, including income, expenses, and other capital transactions. The insights from these statements can help identify inefficiencies and guide investment decisions.
Compilation Engagement
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:
- Do not need financial information conforming to generally accepted accounting principles.
- Do not require audit or review assurance.
- Understand the statements may not be appropriate for general purpose use.
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.
Review Engagement
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.
