Audits - Reviews - Compilations

Audits, Reviews and Compilations

Creditors, investors and shareholders want to know that a company's financial statements fairly present its financial position. CPA-prepared statements come in three levels.

Compilations. We present your financial information in statement form. The figures are not verified and no assurance is expressed. Compiled statements are commonly used by management and smaller lenders.

Reviews. A review provides limited assurance. We ask key personnel about accounting policies, operations and the statements themselves, apply analytical procedures, and issue a review report.

Audits. An audit is the highest level of assurance. We gain an understanding of your internal controls and perform verification and substantiation procedures in accordance with Generally Accepted Auditing Standards (GAAS).

Which one do you need?

It depends on the level of assurance your bank, bonding company or investors require, and on what you want to learn from the statements. A compilation may be all you need this year, while a review or an audit may make sense as the company grows. If you are not sure, call us and we will help you decide.