Review Engagements
Limited Assurance for Stakeholder Confidence
A review engagement provides limited assurance that no material modifications are needed to financial statements for them to conform with GAAP. Less extensive than an audit but more meaningful than a compilation, reviews offer valuable credibility at a lower cost.
Cost-Effective Assurance
Limited assurance at approximately half the cost of an audit
Real Results: Client Success Story
"Professional services firm seeking to refinance commercial real estate was quoted subprime rates based on internal financials. After completing reviewed financial statements, bank approved refinancing at preferred rates—saving $17,500 annually on interest expense."
*Illustrative scenario. Loan terms depend on individual circumstances including credit history, collateral, and lender policies. Review engagement does not guarantee favorable financing terms.
Is a Review Right for You? Quick Assessment
A review engagement may be appropriate if:
Need assurance but not a full audit? Reviews provide meaningful credibility at a fraction of audit cost—often sufficient for bank covenants and investor requirements.
Review vs. Audit: Key Differences
Limited Assurance
We express limited assurance in the negative form: "We are not aware of any material modifications that should be made to the financial statements."
Procedures Include:
- Inquiries of management
- Analytical procedures
- Reading financial statements
- Management representations
Reasonable Assurance
We express an opinion: "The financial statements present fairly, in all material respects, in accordance with GAAP."
Additional Procedures:
- Internal control testing
- Substantive testing of balances
- External confirmations
- Physical observation
Review Deliverables
Professional Standards & Authority
Need Credible Financials at Lower Cost?
Reviews provide meaningful assurance for many stakeholder needs at approximately half the cost of a full audit. Contact us to determine if a review meets your requirements.
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