Reviews and Compilations
A common service we offer is reviews and compilations. We view our role in the financial reporting process as an opportunity to provide constructive solutions to maximize your company’s profitability and efficiency. We provide financial reporting on two levels of assurance:
- Review – A review provides a lower level of assurance than an audit. A review includes the application of analytic procedures to financial data and inquires of management. A review does not include the examination of underlying documentation or confirmation of account balances. However, the effective application of analytical procedures by a CPA can be an effective way of identifying financial statement misstatements. LattaHarris recommends that businesses wishing to procure a financial statement review first retain an in-house CPA who is well versed in US GAAP, the financial statement preparation, and reporting process. This is because it ensures the most efficient review possible.
- Compilation – A compilation is based upon information provided by management. This level of service does not give assurance. The CPA’s primary responsibility is to ensure the information provided by the client is presented in a form consistent with US GAAP.