GNA Financial Services, LLC goes beyond the routine procedures necessary to just get the job done. We gain knowledge of a client’s business from the outset and, by doing so, identify opportunities to improve profitability and effectiveness of the client’s operations. This includes offering advice on ways to reduce expenses, minimize taxes and strengthen the company’s internal accounting and operating controls.
In our efforts to best serve our clients, we maintain close involvement with each client throughout the engagement; a practice which encourages a good working relationship resulting from the ongoing dialogue that it provides.
Because many important business decisions are based on a company’s financial statements, our goal in this area is to make those statements meaningful and informative.
Not all entities require financial statements with the same degree of assurance. Accordingly, we offer two distinct levels of financial statement services, keyed to meet different needs:
Reviews
A review provides a limited degree of assurance from us on the entity’s financial statements. In performing a review, we use our working knowledge of the client’s industry and key aspects of the business. We make inquiries relating to the financial statements and apply analytical procedures designed to identify unusual items or trends that may require explanation to properly understand and utilize the statements. A review is designed to report whether the information indicated on the financial statements makes sense, without applying extensive audit-type procedures. Reviewed financial statements are often required by a company’s bank or other creditors.
Compilations
A compilation involves taking financial information provided by the client and compiling that information into financial statement format. It carries no degree of assurance; but is adequate for certain purposes, such as a management review of its financial condition and operations, or as a guide to determine income tax consequences for a particular period.
In performing a compilation, we familiarize ourselves with accounting practices common to your industry and acquire a general understanding of your company’s financial activity. We then compile the statements and give them a professional analysis to provide advice and, where applicable, help the client better understand his or her business.