Through financial compilation services, Gurian PLLC Dallas CPA firm prepares monthly, quarterly, or annual financial compilation reports based on information we receive from our clients. Our firm becomes familiar with the accounting principles and practices common to the client’s industry, and acquires a general understanding of the client’s transactions and how they are recorded . After compiling the financial statements, our accountants will read them and consider whether they are appropriate in form and free from obvious material errors. Gurian PLLC then issues standard financial compilation reports that say, in effect, that the financial statements were compiled, but because they were not audited or reviewed, no opinion is expressed.
A compilation is sufficient for many private companies. However, if a business needs to provide some degree of assurance that its financial statements are reliable, it may be necessary to have our firm perform an account review in addition to the financial compilation reports.