Compilation reports are the basic tool that your business needs to apply for bank funding. This type of report applies to your financial statements to compile them into a standard format under generally accepted accounting principles or GAAP and acceptable to any financial or governmental institution.
Your financial data can also benefit from a monthly, quarterly or yearly review as a step before the audit process to identify high risk transactions that could compromise the integrity of your operations and concentrate in correcting a specific area same as if you had a internal audit department. It can also help greatly to your internal auditors to analyze the operational risk and financial results of your business. For Controllers, AI is also useful when applied to the review of high and medium risk transactions.
An audit report is a fundamental tool to formally picture your business. The objective of the audit is to proof the balances of your financial statements. It is the starting point to determine the worth of your company and it will be a strategic step to grow and thrive. The audit also provides an insight into the internal operations and the quality of the physical and monetary assets as well as management.
Accounting Firm providing Accounting Advisory, Tax Planning and Offshore Strategies to grow your business and protect your assets.