Pelletier & Leo completes financial statement reviews for companies and business owners throughout Los Angeles and Southern California. A financial statement review is often requested by lenders, investors, or business partners when a higher degree of confidence is needed in the company’s numbers. Our CPA team primarily works with privately held Los Angeles area companies and businesses to give stakeholders a credible and independent view of financial statements. We have multiple CPAs also available who are bilingual in English, Chinese/Mandarin, Cantonese, and Taiwanese to support clients.
A financial review is an engagement completed by a CPA under standards issued by the American Institute of Certified Public Accountants (AICPA). During the financial statement review, our CPA team utilizes analytical procedures and makes inquiries to company management to determine whether any material modifications should be made to your financial statements for them to confirm with the applicable financial reporting framework. This work provides your Los Angeles area business with a higher degree of assurance than a compilation and a reasonable cost alternative to a full financial audit.
The typical situation when a financial statement review is needed happens when your Los Angeles company attempts to obtain a line of credit or loan from a bank. The bank will request that you have a financial review completed by a CPA firm. Having a Los Angeles CPA firm like Pelletier & Leo complete the financial review, gives the bank a certain level of assurance before making a lending decision.
Another scenario we see often happens with investors. Before making an investment into a Los Angeles company or start-up, an investor might request a financial statement review to also give a certain level of assurance.
A third scenario is for business-owners to gain their own assurance with an objective financial review done by a CPA firm. This eliminates surprises or further questioning of the financial statements by the internal teams.
If a bank or investor has asked your Los Angeles area company for reviewed financial statements, contact Pelletier & Leo to schedule a consultation. Our CPA team will begin with a brief discovery call to understand your financial review assurance needs and determine the best next steps.