Financial Statement Review and Compilation Services
While audits are the most comprehensive, detailed evaluation of an organization’s financial statements, many organizations opt for review and compilation services. We work with clients in the New York, New Jersey, Maryland, Virginia and Washington, D.C. areas, as well as throughout the United States.
The Difference Between Review and Compilation Services
Financial statement review and compilation services provide financial information and analysis in varying degrees. The type of report is determined by your needs and requirements. Compiled financial statements represent the most basic level of service a CPA firm can provide, while reviews fall between an audit and a compilation.
Financial Statement Reviews
Oftentimes, when a bank is willing to accept a review as opposed to an audit, a client will choose that option because there are less procedures involved, and therefore, less cost. During a review, our CPAs will inquire about a client’s business or organization and perform analytic procedures. The outcome provides our clients with limited assurance that based on our review, we are not aware of any material modifications that should be made in order for the financial statements to conform with the standards applied.
Financial Statement Compilations
If an audit or review is not required, clients will hire us for a compilation engagement typically when they want to present their financial information in a more formal external statement. When we conduct a compilation, we assemble your financial information without providing any assurance that there are no material modifications that should be made to the financial statements. When conducting a compilation, we do not perform inquiries, analytical procedures or other procedures performed in a review.
We serve a variety of clients such as: