Why do businesses request a financial review? It can be a good middle ground, providing the advantages of a CPA’s technical expertise without the added work and added expense of an audit engagement.
Financial reviews are also less extensive than an audit, but more involved than a compilation, and is driven by analytical procedures that AJS applies to your businesses’ financial statements. We also interview your company’s management team to ensure a thorough understanding of your financial situation.
A review doesn’t require us to study and evaluate your company’s internal controls or verify data with third parties or physically inspect assets.
If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional accounting procedures.
Ultimately, a review report expresses limited assurance in the form of the statement: “We are not aware of any material modifications” for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP).
Reviewed financial statements need to include all required footnotes and other disclosures.
If you have a need for a financial review, we’re here to help! Contact AJS today to discuss your situation.