Review

Review is an evaluation of your financial statements using management inquiries, analytical procedures, and our knowledge of the industry and your business. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures. The scope of a review is less than an audit. Rather, 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 must include all required footnotes and other disclosures. Businesses request a review engagement often because it can be a good middle ground. The inquirer may not need the details or assurance of a full audit, but a review affirms that a CPA has thoroughly assessed the financial statements for accuracy or verification of amounts. A review provides the advantages of a CPA’s technical expertise without the work and expense of an audit.