When it comes to reviewing financial statements, business owners look to different options in order to reduce time and costs. Learning about the difference between Reviews and Compilations can help you decide which method is required for your specific needs, and which one will provide the correct method of assurance.
A review engagement consists of analytical procedures and does not entail an in-depth evaluation of your company’s internal controls or verification of data with third parties. Simply put, a review is less extensive than an audit but more involved than a compilation.
At Bailey’s, we provide financial reviews that are smaller in scope but are faster and more economical than a financial audit. When you work with us, you get an accurate overview of your company’s finances along with assurances from our seasoned CPAs.
In cases when you do not require our assurances, our compilation services are the best option. We will work closely with you to find out what is needed for the compilation process so that we can issue financial statements based on our knowledge of accounting principles and a general understanding of your business.
Reach out to us now so we can discuss which method works best in analyzing your business’s financial records to help you make more informed decisions.