Financial Statements
Eckhoff and Company provides accounting and auditing services to clients in a variety of industries. When providing accounting and auditing services, we take a two fold approach. First, and most importantly, is compliance with generally accepted accounting principles, producing timely reports and meeting client deadlines. At the same time, our professional staff looks for significant trends and opportunities for profit improvement for our clients. We communicate these findings to management along with the reports required by the engagement. This could include recommended changes for more efficient operations, stronger financial structure or improved accounting and administrative controls.
Our main financial statement services are briefly described below.
Compilation involves preparing financial statements based on information provided by a company's management, and will often involve some adjustment to the accounting records. A compilation does not provide assurance that the materials submitted by the company are valid, or were prepared in conformity with generally accepted accounting principles.
Reviews are often needed for companies that must report their financial position to third parties such as creditors, regulatory agencies, or business owners who are not actively involved in the management of the company. In a review we make inquiries concerning financial statement related matters and apply 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 in the financial statements are not necessary.
Audits are appropriate for businesses that must offer a higher level of assurance to outside parties. An audit usually includes such procedures as confirmation of account balances with external sources, observation of inventories, and testing of selected transactions by examination of supporting documents. The completion of an audit results in a report stating whether the financial statements are presented fairly and whether they are in conformity with generally accepted accounting principles.
In addition to these key services used by nearly all companies, we also offer the following:
- Monthly/Quarterly Financial Reports
- Internal Control Review
- Comparative Financial Statements
- General Ledger Maintenance
- Client Accounting Personnel Training
- Outside Controllership/Accounting Assistance
- Personal Financial Statements
- Budgeting and Forecasting
- Payroll and Sales Tax Assistance
- Fixed Asset and Depreciation Schedules
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