Review & Compilation of Financial Statements
Offering multiple levels of assurance.
Certain lending institutions and investor groups may not require an audit but will accept a lower level of assurance, in which case Fesnak’s Review, Compilation or Attestation services might be a better choice for you. We bring our personal attention to every engagement, working side by side with management to first assist you in determining which engagement type is the most beneficial or necessary to satisfy requirements when a full audit isn’t the goal, and then deliver in a timely manner.
Certain lending institutions and investor groups may not require an audit but will accept a lower level of assurance, in which case Fesnak’s Review, Compilation or Attestation services might be a better choice for you. We bring our personal attention to every engagement, working side by side with management to first assist you in determining which engagement type is the most beneficial or necessary to satisfy requirements when a full audit isn’t the goal, and then deliver in a timely manner.
Reviewed Financial Statements
A review is substantially less involved in scope than an audit and is an engagement where no opinion is expressed regarding the financial statements as a whole. Rather, a review engagement primarily uses analytical procedures on the financial data presented and includes making various inquiries of management. The procedures we perform provide "limited" assurance that there are no material modifications that should be made to the financial statements. Reviewed financial statements include full footnote disclosures.
When it makes sense to do a review:
- Investors or lending institutions require a limited level of assurance but do not require an audited financial statement.
- You want a certain level of comfort that analytical procedures and inquiries from a quality firm can provide.
- You need a CPA's technical expertise without the work or expense of an audit.
- You still require a report from an independent source.
Compiled Financial Statements
A compilation is performed to assist management in presenting financial information in the proper form but where no assurance is provided that there are no material modifications that should be made to the financial statements.
When it makes sense to do a compilation:
- A clean presentation of financial data is needed but no assurance as to the accuracy of the information is necessary.
- Management prefers to show only the financial statements and not include disclosures required by a review or audit engagement.
- We are already providing accounting assistance and are not independent.