GCI can put together a set of financial statements for your business which will include the following:
Statement of Income and Retained Earnings
Statement of Cash Flows
Notes to Financial Statements
A compilation of financial statements does not provide assurance similar to an Audit or Review engagement.
When is a Compilation Engagement required?
A compilation engagement is commonly used by single shareholders or family companies where assurance is not required. Users generally engage an accounting firm to put together a set of financial statements at the end of fiscal year so there is a clean record of the businesses financial activity.
In some cases the bank or lenders may request compiled financial statements rather than audited or reviewed. This is common for small family owned businesses.
GCI advisors interview the shareholders before compiling the financial statement to understand what type of financial information is key to decision making. This results in financial statements that are prepared with the reader in mind. Although these statements don't offer assurance, they will present the information in a manner that is useful to the shareholders/directors for budgeting and decision making.