The lowest level reporting is company prepared financial statements. Yet any type or quality of financial statement can be at risk for an audit.
Quick Books has become the standard accounting software for most small to medium-sized privately held businesses. Some people mistake QuickBooks as being less than great and have concerns that it can be manipulated. However, the software has vastly changed over time. It has become a sophisticated choice for accounting software. If there is a problem with a financial statement it gets blamed on the software, and oftentimes it’s actually the operator that gives you the final product that made an error. CPAs often create compiled statements from the Quick Books statement with their own preferred statements. While compilation is a higher level of sophistication than company prepared statement, it does not rule out the possibility of an audit.
David L. Osburn, MBA, CCRA is a founder and managing member of Osburn & Associates, LLC. His practice emphasizes business training and contract CFO work. Mr. Osburn conducts regular seminars, webinars, and keynote speeches covering banking, financing, credit, negotiation skills, marketing, management, and customized topics .
David L. Osburn, M.B.A., CCRA
Osburn & Associates, LLC
- Founder of Osburn & Associates, LLC
- Contract CFO clients include medical practitioners, financial institutions, law firms, CPA firms, architects, real estate developers, and contractors
- Extensive professional background of over 30 years encompasses 21 years as a business trainer/contract CFO and 16 years as a bank commercial lender including the position of vice president/senior banking officer
- Banking credentials include loan underwriting, loan work-out, management, and business development
- Has been an adjunct college professor for over 30 years including the College of Southern Nevada
- Holds the professional designation of Certified Credit & Risk Analyst (CCRA) as granted by the National Association of Credit Management (NACM)
- M.B.A. degree, Utah State University; B.S. degree in finance, Brigham Young University; graduate of the ABA National Commercial Lending School, University of Oklahoma
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