Reviews & Compilations2018-05-08T16:27:23-08:00

Reviews & Compilations

If your Organization does not require audited financial statement, there are other financial statement options available at Decker, Farrell & McCoy, LLP. For those organizations, a review or compilation report might suffice.

Review of Financial Statements

A review consists principally of inquiries of company personnel and analytical procedures applied to financial data. Its scope is significantly less than that of an audit, and it does not provide a basis for the expression of an opinion on an organization’s financial statement. Rather, a review provides limited assurance that no material modifications should be made to the financial statements to bring them into conformity with their applicable financial reporting framework. Yet the smaller scope doesn’t mean a reduction in quality.

Unlike in an audit, formal written communications to management are generally issued only if specific conditions are encountered or upon request.

Compilation of Financial Statements

A compilation differs significantly from and is substantially less in scope than a review or an audit of an organization’s financial statements. The objective of a compilation is to present, in the form of financial statements, information that is the representation of management without the expression of an opinion or any assurance that there are no material modifications that should be made to those financial statements for them to be in conformity with the applicable financial reporting framework. Accordingly, a compilation requires significantly fewer procedures than either an audit or a review.

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