Rubino can provide the following financial statement services:
Preparation: A preparation is intended for business owners’ use only to manage the business. For financial statement preparation services, Rubino will not verify the accuracy or completeness of the information, and we are not required to issue a formal report on the financial statements.
Compilation: A compilation is intended for use by outside parties who may appreciate the business’s association with a CPA without requiring a level of assurance on the accuracy of your financial statements. For compilation services, Rubino is required to read the financial statements in light of the financial reporting framework being used and consider whether the financial statements appear appropriate in the form and are free from obvious misstatements.
Review: A review is intended for use by outside parties with limited assurance on the accuracy of financial statements. A review is appropriate as an organization grows and seeks larger, more complex levels of financing and credit. During a review, Rubino will perform analytical procedures, inquiries, and other procedures to obtain “limited assurance” on the financial statements, and review is intended to provide a user with a level of comfort on their accuracy.
Audit: An audit is intended to provide outside parties with a higher level of comfort on the accuracy of the financial statements. An audit is typically appropriate and often required when an organization is seeking complex or high levels of financing and credit. In an audit, Rubino is required to obtain an understanding of the organization’s internal control and assess fraud risk. In addition, Rubino is also required to corroborate the amounts and disclosures included in the financial statements by obtaining audit evidence through inquiry, physical inspection, observation, third-party confirmations, examination, analytical procedures, and other procedures.