Home

Quick Links

Legal & Sitemap

navigation
Home > Services > Audit > Reviews & Compilations

Reviews & Compilations


Our Approach

Different stakeholders including creditors or private investors have different levels of risk tolerance, but they don’t always require a complete financial statement audit. When a comprehensive audit isn’t required, we oftentimes suggest for-profit and nonprofit organizations alike consider less complex procedures such as a financial review or compilation.

Services

Financial Statement Review
A financial statement review provides limited assurance. Our financial statement review process is less extensive than a full audit, but more extensive than a compilation. They are designed to evaluate whether your accounting principles are in accordance with Generally Accepted Accounting Principles (GAAP). During a typical engagement our team will:

  • Analyze and report your financial position and results of operations, including prior year and industry average comparisons and any detectable variations
  • Perform ratio analyses of financial data, such as gross margin analysis and turnover ratios
  • Evaluate your significant accounting policies, including revenue recognition
  • Look for fraud or the potential for fraud
  • Analyze your debt covenant requirements
  • Evaluate debt, lease and other contractual agreements
  • Search for potential enhancements to operating or internal control procedures

Financial Statement Compilations
Compilations provide the lowest level of assurance, and are often used when companies need to obtain a loan from a bank or other financial institution. During a typical engagement our compilation accounting team will:

  • Obtain a general understanding of your organization and its operations
  • Present findings, but issue no opinion or assurance on the statement.

Experts

Resources

Man Looking At Watch Feature

On July 9, 2015, the FASB officially deferred implementation of the landmark global revenue recognition accounting standard by one year; IASB followed suit on Jul ...

Accounting Statement Spreadsheet With Pen Article

Recent FASB guidance simplifies the way private companies account for some intangible assets in a business combination.

FASB Issues ASU on Pushdown Accounting

On November 18, FASB issued Accounting Standards Update (ASU) 2014-17, giving an acquired entity the option to apply pushdown accounting when there is a change-of-control event.

Man Using Magnifying Glass Thumbnail
The Office of Management and Budget (OMB) finalized and released comprehensive new federal grant reform guidelines on December 26, 2013.

FASB Provides Alternatives for Companies on Accounting Principles

FASB has issued two updates to Generally Accepted Accounting Principles that are intended to reduce the cost and complexity of preparing financial statements for private companies.

Nonprofits: Preparing for FASB Financial Reporting Changes

A recent survey ranked streamlining financial statements as the most important task on the Financial Standards Accounting Board’s (FASB) agenda over the next three-to-five years.

Non-GAAP Businesses Get New Option for Financial Reporting

The AICPA announced a new option for small business financial reporting, which is intended to ease reporting for smaller, privately held, owner-managed businesses that aren’t required to abide by GAAP.

Standard Change: FASB and IASB to Issue New Approach to Lease Accounting

Up until now, accounting for heavy industrial equipment and shipping containers to office copiers and office space has been fairly straight forward but that is changing.

Revenue Recognition Overhaul Nears Final Phase

Companies will see significant changes in codes and disclosure rules due to a joint project that will replace the huge body of existing revenue recognition standards with a new single model.

Technology CFOs Look at how to Get the Deal Done

Deal volume in the U.S. M&A market continues to rise in 2011 with across the board volume up 16.4% through May on a rolling 12-month basis. Similarly, aggregate M&A spending was $91.2 billion in May, the secon ...

FASB Codifies New Rules for Consolidation of VIEs

With its recent Accounting Standards Update (ASU) 2009-17, Consolidations (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities, the Financial Accounting Standards Bo ...

FASB Reworks Subsequent Events Guidance

On February 24, 2010, the Financial Accounting Standards Board (FASB) finalized Accounting Standards Update (ASU) 2010-09, Subsequent Events — Amendments to Certain Recognition and Disclosure Requirements. The ASU ...