Preps and
Comps and more, Oh My!
Comps and more, Oh My!
This statement contains a report from the accountant that is signed and dated.
What is a compilation?
This statement shows, on a GAAP basis, the financial picture of a company at one day in time.
What is a Balance Sheet?
To ensure a correctly formatted financial statement header, match the entity name with this important document.
What is the SOW
The way to request help for most software applications we use every day.
What is the Service Center?
When having a client meeting this is the most important thing to do to ensure that the client receives the correct services.
Listen
This software is a requirement for clients receiving financial statements and can be the perfect starting point for advisory discussions.
What is Fathom
Nonprofits use this statement to show their receipts and disbursements.
What is a Statement of Activities?
Doing this can cause beginning Equity Accounts to become OOB, or Out of Balance
What is booking an entry to a prior period
The only way to request a client be set up or accessed in FloQast.
What is the Floqast Request Power App?
When a client specifically tells you what the problem is you should do this.
Dig deeper (Ask more questions)
When draft financial statements are issued, it is important to add a note or this statement, to explain why it is being issued in a draft format.
What is a Selected Information Page
This statement has the same name across all bases of accounting with just the basis name added for those prepared on a non-GAAP basis.
What is a Cash Flow Statement?
If a statement of cash flow is not presented in a GAAP financial statement, this must be included.
What is a Departure
This is what SSARS stands for.
What is Statement on Standards for Accounting and Review Services.
Recommending a client speak with other family members in different CLA Departments is what CLA calls:
Seamless Services
This type of engagement does not require a determination about whether the accountant is independent of the entity.
What is a Preparation Engagement
Although commonly caused a Profit & Loss Statement, the real name of this GAAP statement is this.
What is a Statement of Operations
When reviewing a financial statement for reasonability the first thing that comes to mind is to run this type of Balance Sheet or Income Statement.
What is a prior period comparative report.
A Sample Selected Information resource has been developed to provide family members with examples of this information.
What are common departures?
Sample Selected Information.xlsm (sharepoint.com)
The most important component of a CAAS relationship between advisor and client is this.
Trust
The engagement is called this when we reconcile all balance sheet accounts, but the work is used only to generate tax returns and no physical financial statements are given to the client.
What is a Preparation
Non-Profits have this additional financial statement not included in a GAAP Basis for Profit Entity presentation.
What is a Statement of Functional Expenses
This footer is required on all prepared financial statements.
What is: "No assurance is provided on these financial statements."
Errors or corrections that materially impact prior year financial statements require accountants to do this.
What is RESTATE the financial statements.
If a client has questions about improving efficiencies in their accounting processes, you might recommend this.
Business Opportunity Assessment (BOA)