IQ ACCOUNTING provides a number of financial statement preparation services that are based on the needs of our clients. Depending upon the individual requirements of a business, the firm will recommend the appropriate level of assurance for the needs of the client and/or the institutions requesting the service. Our services can be broken down into three general areas.

Compilation – The least expensive and also the minimal financial statement preparation service that the firm provides. This is a representation of the management of the client company and typically includes a balance sheet and income statement. In a compilation we will review information provided by the client company, make corrections to obvious errors, and present the numbers in a standardized format. A key note - With a compilation we do not verify the accuracy of client numbers and cannot be responsible for the numbers.

Review – The next level of service includes all of the compilation services, but also includes additional inquiries of client personnel and typically includes ration analysis of the financial information. A review will provide a profit and loss statement, statement of cash flow, and notes and disclosures. As with a compilation, the firm will not provide assurance of the accuracy of the client’s books until we reach the next level of service.

Audit – An audit provides a verification of the client’s internal system controls and a thorough testing and examination of material accounts and accounting procedures. Very often, lending institutions will require an independent audit to validate a company’s accounting processes prior to offering loans to the company. With an audit, we take on a certain amount of responsibility for the accuracy of the company’s financial statements and verify that the statements are free of material misstatements.