As a CPA firm, we can prepare compiled or reviewed financial statements for your business. This is often required by banks or shareholder agreements.
Compiled Financial Statements - From an accounting standpoint there is no difference between compiled or reviewed financials. Both follow generally accepted accounting principles in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. However, compiled statements are allowed to omit certain information (notes in particular) and require less verification/documentation so they can be less expensive to prepare.
Reviewed Financial Statements - Reviewed statements are required by the American Institute of Certified Public Accountants to be full disclosure statements. Reviewed statements also require inquiries of company personnel and analytical procedures applied to financial data. This additional work adds to the cost of reviewed financial statements. It also gives the reader additional assurance as to the completeness and accuracy of the financial statements taken as a whole.
