Audits, Reviews, & Compilations

Audits, reviews, and compilations provide varying levels of assurance that a company’s financial statements accurately reflect the activity and financial position of the company. In practice, many businesses are required by their lenders to engage a CPA to provide either a compilation or a review to secure or maintain a loan or line of credit. Most people refer to all assurance work performed by CPAs as audits, when the majority of the financial reporting work they actually need is either a compilation or a review, not the expensive audits required by publicly traded or large private companies. Whether it is an initial year audit or a quarterly compilation engagement, we provide financial reporting on all three levels of assurance:

• Audit – an intensive examination with the highest level of assurance
• Review – inquire and analytical procedures conducted with limited assurance
• Compilation – based upon client information provided and primarily for internal use