Review of Financial Statements

A review service is where the CPA performs certain procedures including analytical procedures, inquires and other procedures to obtain “limited assurance” on the financial statements and is intended to provide a user with a level of comfort on the financial statements. Therefore, a review is substantially narrower in scope than an audit. Once again, however, the CPA must be independent in order to perform a review service. The CPA will issue a formal report that includes a conclusion as to whether, based on the review, they are aware of any material modifications that should be made to the financial statements in order for them to be accordance with the applicable financial reporting framework.

A review typically is appropriate as a business grows and is seeking larger and more complex levels of financing and credit. It is also useful when you, as the business owner, are seeking greater confidence in your financial statements for the purpose of evaluating results and making key business decisions.

Contact us to request a free initial consultation on how we can help you with review or compilation services.