A financial statement review provides limited assurance there are no material modifications that need to be made to achieve conformity with Generally Accepted Accounting Principles (GAAP) or other standards. A review is often required when financial statements are prepared for prospective investors with small stakes in the business, certain lenders, and creditors, and to satisfy various regulatory requirements. The purpose is to provide limited assurance there are no material modifications that need to be made to financial statements. An independent auditor will conduct management inquiries and analytical procedures necessary to render an opinion about the financials
Unlike an audit, there is no requirement to obtain an understanding of internal controls, test accounting records, request third-party confirmations, or examine documentation. However, the auditor will need to review copies of contracts, agreements, board minutes, and other data to assist with the preparation of financials and related footnote disclosures.
Financial Statement Review Experience
Whipplewood CPAs have experience providing financial statement reviews for businesses and organizations in Denver and across Colorado. Our audit professionals have years of experience assisting companies with financial statement assurance. Our combination of technical expertise and practical experience translates into a straightforward, deadline-driven, process. Whether this is a first-time review or you have been undergoing one for years, Whipplewood CPAs stand ready to assist.
If you are required to undergo a financial statement review, Whipplewood CPAs can help. For additional information call 303-989-7600 or click here to contact us. We look forward to speaking with you soon.