Accurate financial reporting is as essential to the success of your business as your customers. Whether your financial reports are for use by your company’s management or are a key element in a loan package, we’ll help ensure the reports issued reflect the results of your business’ operations and are correctly presented.
GM can provide the right service to meet your needs or the needs of your owner group, lender or other third parties.
Audit services – an audit is a comprehensive evaluation of your financial statements designed to provide the highest level of assurance that your financial statements are fairly presented, in all material respects, with the applicable financial reporting requirements. Because an audit provides the highest level of assurance regarding your financial reporting, it encompasses the most amount of work. Audits are generally required by lenders or government agencies, but may be required by your corporate documents.
Financial statement review services – a financial statement review is designed to provide assurance that there are no material modifications that need to be made to your financial statements in order for them to be in conformity with the applicable financial reporting requirements. A financial statement review consists primarily of inquiry and analytical procedures. A review is generally required by a third party, such as a lender or potential purchaser.
Compilation services – a compilation is designed to present your information in the form of financial statements without providing any assurance on the statements. Compilation services may be appropriate for a third party, but it is an effective tool for internal reporting to management and your owner group.
Agreed-upon procedures report – agreed-upon procedures are designed to provide comfort that certain reporting was prepared in accordance with the appropriate criteria. The agreed-upon procedures reports may be financial, such as compliance with a revenue-based lease agreement, or non-financial, such as the reporting of compliance data to a government agency.