We view our role in the financial reporting process as an opportunity to provide our clients with accurate financial information that is comparable to others in the same industry and to recommend constructive solutions for maximizing your profitability and efficiency. Our financial statement services go beyond checking your math. As your advisors, we become familiar with your business and the accounting principles and practices common to your industry, so that we can provide you with valuable information you can use in your daily management decisions. Our professional staff looks for significant trends and opportunities for profit improvements such as more efficient operations, stronger financial structure and improved accounting and administrative controls.

Since accounting needs vary from business to business, Brock and Company CPAs PC offers different levels of financial statement services, each with its own degree of assurance.

COMPILATION SERVICES
Depending on your needs, we will compile your financial statements on a monthly, quarterly or annual basis. Compilation involves preparing financial statements based on information provided by a company's management, and will often involve some adjustment to the accounting records. Sufficient for many small, private companies, a compilation provides no assurance that the materials submitted by the company are valid or were prepared in conformity with Generally Accepted Accounting Principles (GAAP). However, it does provide management with a set of trained eyes looking at your company's financial statements.

REVIEW SERVICES
Reviews are often needed for companies that must report their financial results to third parties such as creditors, regulatory agencies, or business owners who are not actively involved in the management of the company. During a review, we make inquiries concerning financial statement-related matters, interviewing company management and personnel as needed. We use analytical procedures designed to identify unusual items or trends in the financial statements that may require further analysis. A review provides limited assurance that material changes to the financial statements are not necessary.

AUDIT SERVICES
An audit is the most in-depth financial statement service we provide. The benefits of a financial statement audit are twofold:

• to study your internal controls, evaluate risks and report our findings to management
• to issue a report that provides the highest level of assurance possible that your financial statements are presented fairly in conformity with GAAP

Audits are appropriate for businesses that must offer a higher level of assurance to outside parties. An audit begins with a study of internal controls and an evaluation of risks. Based on these procedures, we design audit tests to overcome these risks. These tests often include direct confirmation of account balances with third parties such as banks and other financial institutions, customers and vendors. We also review significant contracts and agreements in addition to examining the source documents supporting these transactions. Our report to management offers recommendations for improvements for your internal controls, insights into business risk, industry trends, and regulatory issues while highlighting opportunities for savings throughout the organization.

OTHER SERVICES

Agreed-Upon Procedures: An agreed-upon procedures engagement is designed to provide management and outside parties with insights into specific financial statement elements, without looking at all of the elements. Many of our clients have had us perform agreed-upon procedures to provide credibility to information they have presented to a third party, often a bank, regulatory agency, prospective investor or prospective purchaser. At the onset of an agreed-upon procedures engagement, we agree to the procedures all parties believe are appropriate to meet their needs. We then perform the agreed-upon procedures and issue a report of our findings.

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