Review of Financial Statements

Audits are pricey and sometimes unnecessary if the client needs a general idea on the validity of statements at the business at large. If you need just a general idea about the accuracy of financial statements, Gary Mehta CPA, EA, can review the financial statements and provide limited assurance on the accuracy of profit and loss, balance sheet, and cash flow statements. 

A review of financials is based on management inquiries, analytical procedures on benchmark studies and gives the client a general idea of the company’s financial standing. To derive our opinion on the financial statements, we start with understanding our client’s objectives. Firstly, we understand the client's reasoning on why they need the review. After understanding the important factors that the client needs us to focus on, our accountants derive a plan to conduct the review. 

While conducting the review, we interview the management on their assessment of the financials. We also work with industry experts to assess important concerns within the industry and assess their impact on financial statements. Our management queries focus on these critical items and how management has been reporting them. Also, our team applies different analytical procedures to see if what management has stated is properly reflected in the company’s financials and line with the industry at large. 

While reviewing the financials, we take an industry by industry approach to see if they adhere to generally accepted accounting principles.  Since corporate accounting rules vary from industry to industry, these accounting principles can also vary by industry. Thus, changing the presentation of the balance sheet and profit and loss and associated disclosures. 

Financial Institutions and shareholders rely on an accurate presentation of financials to make important decisions, understand credit factors, and have a certain degree of assurance and predictability. Hence, as a condition of obtaining financing, banks require management to have an accounting firm conduct an annual or periodic review. The limited assurance provides them the comfort on the accuracy of the financials presented to them by management. 

We consider Jersey City home. However, we can still provide services to New York neighbors. Being right across the river, it's easy for us to take the Holland right into New York City. We also have meeting places all over the state where you can set up an in-person appointment.  Call 201-252-6703 to set up a virtual or in-person appointment.