PRACTICE NOTE / 4 MIN READ
Before a financial-reporting engagement is defined, the request itself deserves a closer look.
Editorial concept prepared by Muyinza Media for this website study. Firm review required before publication as PCA advice.
Financial statements may be requested for different reasons. An owner may want a clearer internal picture; a bank, bonding company or another outside party may have its own requirements. The useful starting point is the intended reader and the reason for the request.
PCA offers compilation, review and audit engagements. The appropriate scope is established with the firm. A website description is not a substitute for discussing the actual requirement.
If someone has asked for financial information, keep their request available for the conversation. It can be more useful than a paraphrase, especially when it identifies a reporting period, an intended use, or a particular form of engagement.
For an introductory inquiry, say who needs the information and when they have asked for it. Do not paste confidential financial statements or account information into an open website form. Ask the office how to share documents.
The industry and the way a business operates give context to a reporting discussion. PCA works with closely held businesses and has service areas in construction, manufacturing, hospitality, small technology and estates and trusts.
A concise introduction can identify the organization, the people involved in the conversation and the accounting records currently maintained. It is fine to say that a question is still unresolved; describing the uncertainty is more useful than guessing at an engagement type.
A first conversation helps establish the work to discuss. Availability, timing, information requirements and the terms of any engagement still need to be confirmed directly with the firm. An initial inquiry does not create an engagement or commit the practice to a deadline.
PCA also offers internal-controls and financial due-diligence work. If the request is broader than financial statements, describe that need. Call the Portland office at 207-771-8800 to begin.
A good place to begin
A new business question. An upcoming transition. A reporting request. Start with what’s on your mind.
Start a conversation207-771-8800