Wallace CPA Southlake, TX
Compilations, reviews and audits are three levels of service on financial statements. A compilation presents the numbers, a review adds analysis, and an audit tests records in depth. Wallace CPA explains the differences for Southlake, TX businesses and helps match the level to who needs the report.
A compilation presents management's numbers in financial statement form. A review adds inquiry and analysis. An audit tests records and controls in more depth and gives the highest level of comfort. The level you need depends on who asks for the report and why.
Lenders and agencies set their own requirements, so ask them for the level and the format. Then bring that to us. We can compare it with what your records support. Read our page on business advisory if you are preparing for financing.
Internal controls are the habits that protect your money and your records, such as separate duties, approvals and regular reconciliations. Weak controls make errors and theft harder to catch. A review of controls looks at how cash, bills and payroll move through the business. See bookkeeping.
Gather bank statements, loan documents, payroll reports and prior year statements. Reconcile your accounts before the work begins. Good bookkeeping shortens the process. See our bookkeeping routine.
General information, not advice for your situation. Talk with a CPA about your own facts before you act.
Ask anything else: call (877) 682-1171.
Read the guideSmall business bookkeeping setup and a monthly routineNo. Requirements come from lenders, investors, agencies or governing documents. Ask the party that requested the report.
No. A compilation gives no assurance. An audit tests records in depth.
Yes. A controls review can be done as its own project.
Not necessarily. If you suspect fraud, see our forensic accounting page.
Call the Southlake office and say what you need: a return, an IRS letter, your books or a new business. Have the notice or last year's return nearby if you have one.
