The level of service we provide will depend on your needs and requirements to meet any statutory reporting requirements. At Menchinger & Tyack CPAs, LLC we can assist you in determining what level of service you require:
Audited financial statements provide the user with the auditor's opinion that the financial statements are presented fairly, in all material respects, in conformity with the applicable financial reporting framework.
Audits are the highest level of reporting and are usually performed on an annual basis.
Reviewed financial statements provide the user with comfort that, based on the accountant's review, the accountant is not aware of any material modifications that should be made to the financial statements to be in conformity with the applicable financial reporting framework.
Reviews provide limited assurance and are a lower level of reporting than audits. Reviews are generally performed on an annual basis.
Compiled financial statements provide the most basic level of services we provide with respect to financial statements.
Compilations can be prepared on a monthly, quarterly or annual basis. Compilations are particularly useful for nonprofit & community association board members for their regular review of the association financial affairs.
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