- Comparison of current-period and prior-period financial data
- Review of account relationships and ratios
- Identification of unexpected fluctuations or anomalies
Financial Statement Reviews
Limited assurance engagements for Denver businesses — giving stakeholders confidence that your financial statements are free of material misstatement, without the cost of a full audit.
When You Need More Than a Compilation
Lenders, investors, and creditors often require assurance that your financial data is accurate — but a full audit may be more than you need.
Debt & Loan Covenants
Banks, investors, or creditors require third-party assurance on your financials before extending credit or making investment decisions. A review meets many covenant requirements at a lower cost than an audit.
Cost Considerations
A full audit involves extensive testing, internal control evaluation, and third-party confirmations. Reviews provide meaningful assurance through analytical procedures and inquiries—at a fraction of the cost.
Limited Assurance Needs
You need confirmation that nothing material is misstated, but don’t require extensive audit verification. A review provides middle-ground assurance through analytical procedures and management inquiries.
Stakeholder Requirements
Lenders, investors, or creditors may require reviewed financial statements to demonstrate financial health. Reviews offer the assurance they need without the higher cost and longer timeline of a full audit.
How WhippleWood Delivers Review Value
Our review engagements are built around efficiency and clarity — meeting your stakeholder requirements without unnecessary complexity.
Analytical Expertise
Thorough analytical procedures comparing current-period, prior-period, and industry data
Management Inquiries
Meaningful discussions about operations, accounts, and financial relationships
Responsive Timelines
A straightforward process designed around your stakeholder deadlines
Clear Communication
Plain-language explanations of findings and any required adjustments
Awards & Recognition
Our Financial Statement Review Process
Our Review Engagement Process
A structured approach that delivers timely results while maintaining quality and independence.
Planning & Understanding
We learn your business, review prior financials, and establish the scope and timeline for your engagement.
Procedures & Inquiry
We perform analytical procedures, conduct management inquiries, and evaluate your financial statements against the applicable framework.
Report & Delivery
We discuss findings, address adjustments needed, and deliver your independent review report to meet stakeholder deadlines.
Meet Your Audit & Assurance Experts
Experienced CPAs dedicated to delivering quality audit and assurance services
Rick Whipple
Managing Partner, CPA
Co-founded WhippleWood in 1981 after beginning his public accounting career in 1978. Rick’s passion for small businesses has taken him to the White House and Capitol Hill, advocating for policies that help entrepreneurs thrive—earning him recognition as a finalist for the National Small Business Advocate of the Year Award. “I have to be knowledgeable and listen intently to each client’s challenges to find a solution that works best for them.”
CPA License: CO #5486 · Masters in Tax Law, University of Denver
Ron Bass
Partner, Audit Services
Leads WhippleWood’s audit practice since 2010, bringing 30+ years of experience including a decade at Florida’s largest CPA firm. Ron has audited publicly traded corporations, benefit plans, nonprofits, and international entities—with deep expertise in IFRS, Single Audits, and peer reviews. His philosophy: “My clients and I actually have the same goal—for the financial statements to be right. If you approach it from that angle, you’re on the same team.”
CPA License: CO #32216 · FL #AC0024348
Kacey Hertel
CPA
Joined WhippleWood in 2013, drawn by the firm’s commitment to “putting the fun back in CPAs.” Specializing in audit and tax services, Kacey is highly proficient with QuickBooks and works closely with clients to help them understand their numbers. “At the end of the day, I just want my clients to feel like they understand the story their financials are trying to tell them—and watching them reach their goals is so rewarding.”
CPA License: CO #29716
Common Questions About Financial Statement Reviews
A review provides limited assurance through analytical procedures and inquiries. An audit provides a higher level of assurance through extensive testing, internal control evaluation, and third-party confirmations. Reviews are less costly and faster because they do not require that additional testing.
Reviews work well when stakeholders need assurance that financial statements are materially correct but do not require the highest level of verification. Many bank loan covenants, investor due diligence processes, and bonding requirements accept reviewed statements.
We perform reviews under GAAP, Tax, and IFRS frameworks. The appropriate framework depends on your stakeholder requirements and business needs.
We will need access to your complete financial statements, general ledger, bank statements, and supporting schedules. We will also need time with your accounting staff or management for inquiries.
If we identify material misstatements or departures from the applicable framework, we discuss them with management right away. Most issues can be corrected through adjusting entries before the final report is issued.
Free Review Preparation Resources
Download our review preparation checklist and learn what to expect from the engagement process.
Need Stakeholder Assurance Without a Full Audit?
Let’s discuss whether a financial statement review is the right fit for your business and stakeholder requirements.
Questions? info@whipplewoodcpas.com | 303-989-7600
