Audit & Assurance
Welgaard provides several different types of financial statements for our clients. Working closely with you, our team can help determine what type of financial statement service best fits your business needs.
Financial Statement Audit is a service that provides reasonable assurance that financial statements are presented fairly in accordance with generally accepted accounting principles (GAAP) or another applicable framework. This is the highest level of assurance service provided by CPA firms. Audits are typically performed when required by lenders, grantors, board of directors, or for licensing purposes . We perform audits for privately held businesses, not-for-profit organizations, and employee benefits plans.
Financial Statement Review is a review that provides limited assurance that there are no material modifications needed to be made to the financial statements. Reviews are typically prepared for entities that have loans or investors that do not require audited financial statements.
Agreed Upon Procedures is a service where targeted procedures are performed on specific financial areas or controls as outlined in an agreement with the client. The report details the procedures that were performed and reports factual findings based on those procedures, without expressing an opinion or providing overall assurance.
A Financial Forecast is created to anticipate a company’s projected financial position. It estimates future revenue and expenses based on assumptions that are expected to happen. Forecasts are used to help our clients measure their progress and establish their business goals. Our team can provide preparation assistance and compilation services for prospective information.
Financial Projections represent a “what if” analysis and are based on three types of assumptions:
- Things that are expected to happen
- Hypothetical situations and events
- Things that would be expected to occur if the hypothetical situation happened.
Projections provide valuable information to a company in order to make important financial decisions for the future.
A Personal Financial Statement shows your net worth by presenting your assets, minus your liabilities at a certain point in time. This statement can be used to show an individual’s financial stability when applying for a loan or other credit.
No matter the level of financial statement your business requires, our team has the experienced staff here to assist you!