A review consists principally of inquiries of company personnel and analytical procedures applied to financial data and is substantially less in scope than an audit. While a review is less comprehensive than an audit, it involves a significant degree of knowledge and understanding of your business and industry to effectively evaluate inquiry responses and analytical results. A review is beneficial in the following ways:

  • The inquiry and analytical procedures are performed with emphasis on significant areas, the results of such provide insight into the business.
  • A review report provides you and the users of your financial statement with limited assurance that no material modifications need to be made in order for them to be in conformity to generally accepted accounting principles.
  • The knowledge gained during a review can be put to good use in advising you in the future.
Often, management's requirements are limited to presenting company prepared financial information in a proper financial statement format that omit substantially all of the disclosures required by U.S. Generally Accepted Accounting Principles. We can compile your financial data into a proper financial statement format that is accepted by the professionals who read them. As an additional service during a compilation engagement, we may assist with the accounting process to ensure your financial statements accurately reflect the company's financial position, results of operations, and cash flows.

A compilation offers alternatives to full disclosure financial statements and is adequate for certain purposes, although it provides no level of assurance, and involves obtaining financial information from management and compiling it into a proper statement format.