McFarlin & Brokke, Ormond Beach CPA offers compilation services to businesses of all sizes.
In a compilation, McFarlin & Brokkemust comply with certain basic requirements of professional standards, such as having a knowledge of the client's industry and applicable accounting principles, having a clear understanding with the client as to the services to be provided, and reading the financial statements to determine whether there are any obvious departures from generally accepted accounting principles (or, in some cases, another comprehensive basis of accounting used by the entity). It may be necessary for McFarlin & Brokketo perform "other accounting services" - such as creating your general ledger, or assisting you with adjusting entries for your books - before the financial statements can be prepared.
Upon completion, a report on the financial statements is issued that states a compilation was performed, but no assurance is expressed that the statements are in conformity with generally accepted accounting principles. This is known as the expression of "no assurance."
Compiled financial statements are often prepared for privately held entities that do not need a higher level of assurance expressed by a CPA firm.
McFarlin & Brokke CPA
99 South Yonge St
Ormond Beach, FL 32174
Phone: (386) 882-6047
Year-end tax planning is more complicated this year than in most years. With the possibility of major tax change just ahead, many standard tax-cutting moves are turned upside down. There’s not much time left for making changes that could affect your taxes for 2017. Call us to schedule your tax planning appointment, (386) 882-6047