Since our firm’s opening in June of 2000, the CPAs at Steward Ingram & Cooper, PLLC has provided financial statement preparation, reviews, audits, and compilation services to businesses and nonprofits in Raleigh and surrounding areas. We are fortunate to have many long-standing clients who utilize our financial statement preparation services on a regular basis.
When you work with us, your statements are carefully prepared based on your financial records and provides an accurate look at your financial health and stability over a set period of time. Although we are happy to work businesses in any industry, we frequently work with those in the legal sector, engineering field, medical field, and restaurant industry. We extend our financial statement preparation services to a wide range of businesses as well as nonprofits in the Raleigh area and even those who reside in a state other than North Carolina.
Because financial statement work requires close attention to detail and a thorough understanding of your organization, we take on new clients selectively so each person receives the detailed level of service this work demands. Reach out to discuss your organization’s needs and current availability by calling (919) 872-0866 or filling out the form below.
Business Financial Statements
Running a business requires up-to-date and accurate financial information, which shows an in-depth look at the financial health of your company. Financial statements give you the data you need to plan for the future and make informed decisions for your business.
Nonprofit Financial Statements
While most people think financial statements are only necessary to for-profit businesses, nonprofits also need to provide information to their board members, donors, and potential grantors. However, nonprofit financial statements are somewhat different from those used by for-profit organizations.
Our CPA firm has the knowledge and experience necessary to provide you with the data you need as well as provide analysis that gives you clarity and understanding into the financial health of your nonprofit organization.
Financial Statement Audit Services in Raleigh-Durham
An audit is the highest level of financial statement service, and will be the most expensive for the client. In most cases, a third party will request that the client have an audit of their financial statements.
As part of the audit, we look at internal controls, communicate with third parties, and test selected transactions. The purpose of an audit is to provide an opinion about whether the financial statements are presented fairly in all material respects in accordance with generally accepted accounting principles.
We have experience providing audit services to businesses, nonprofits, and defined contribution retirement plans.
Financial Statement Review Services
A review provides limited assurance on the financial statements. It is less in scope than an audit, but more involved than a compilation. It consists of applying analytical procedures to the financial statements and making inquiries of management regarding a client’s financial statements.
Financial review services are important to make sure your business is following all the required regulations as well as working as efficiently as possible.
Financial Statement Compilation Services
A compilation is the lowest level of financial statement service. There is no assurance provided in a compilation. The financial statements are compiled based on management’s representations in a format appropriate for the circumstances. In a compilation, the client may choose to have a complete set of footnotes or omit substantially all footnote disclosures.
Why Choose Steward Ingram & Cooper PLLC
Our CPA firm is dedicated to providing accurate financial statements to our clients using Generally Accepted Accounting Principles (GAAP). Not only will our team generate your financial statements, we can also sit down with you to analyze the data so you can understand the financial health of your organization and plan for the future. Whether you need documents to support a small business loan or need in-depth financial analysis to provide to board members and donors, our financial statement preparation services are detailed, accurate, and always helpful for your specific business finances.
Financial Statements: Frequently Asked Questions
What do financial statements include?
Financial statements are written records of financial performance. They include balance sheets, income statements, cash flow statements, and statements of shareholders’ equity.
What are business financial statements used for?
The financial statements of a business are used by investors, shareholders, market analysts, and creditors to evaluate a company’s financial health.
How much does a financial statement audit, review, or compilation cost?
Pricing depends on the level of service required. An audit is the most extensive and highest level of financial statement service, and is priced accordingly. A review involves less work than an audit, and a compilation is the most basic level of service. Fees are based on the size and complexity of your organization, so we provide a custom quote after learning more about your needs.
What’s the difference between an audit, a review, and a compilation?
An audit provides the highest level of assurance and involves testing transactions and internal controls. A review offers limited assurance through analytical procedures and inquiries of management. A compilation provides no assurance and is built from management’s own representations, formatted appropriately for the circumstances.
Who at Steward Ingram & Cooper handles my financial statement work?
We divide the work based on what’s the best fit for each engagement rather than by client size or industry alone. Stephanie Holt, CPA, leads much of our audit work, while Jeffrey Cooper, CPA, our managing member, is closely involved in ongoing, client-facing accounting relationships. You’ll work with whoever is best suited to your specific engagement.
What types of organizations need audited financial statements?
Audits are typically requested by a third party, such as a bank, investor, grantor, or regulatory body. We have experience providing audit services to businesses, nonprofits, and defined contribution retirement plans throughout the Raleigh-Durham area.
How long should I keep my personal financial records?
The IRS offers several guidelines depending on the record type. A general rule of thumb for business owners and entrepreneurs is to keep financial records for at least 3 years. If you claim a credit or refund after filing, keep those records for 3 years after the filing date. Records related to a securities or bad debt deduction should be kept for 7 years, and records tied to unreported income should be kept for 6 years. Employment records should be kept for 4 years from the date the tax is paid.