Compilations, Reviews, Audits

 

Having a good set of financial statements helps you see the value of your business.  Compilations offer a simple way to do this with no transactional testing or analytical procedures but provide no assurance.  Reviews are often needed when dealing with banks on potential financing opportunities, which involve analytical procedures to obtain limited assurance.  Some industries require audited financial statements, which require in-depth testing and understanding of the business and will provide reasonable assurance on the financial statements.