Reviews & Compilations
Less labor intensive than an audit, but still requiring technical expertise and a high level of competence, a review or compilation can be a cost-effective way to meet the requirements of business owners, banks and other third parties.
A review, which consists primarily of inquiry and analytical procedures applied to financial data, provides limited assurance that material changes to the financial statements are not necessary, and may be useful for companies that are required to report financial positions to banks and other third parties that do not require audited financial statements. Reviews may also be useful to business owners looking for independent, cost-effective assessments of financial data.
A compilation, which is substantially smaller in scope than a review, consists of the presentation of financial data in the form of financial statements. This is typically of benefit to smaller companies needing help preparing monthly, quarterly or annual financial statements. During a compilation, we consider whether the financial statements are appropriate in form and free from obvious material errors, but no opinion is expressed.