REVIEW & COMPILATION

Almost every organization, whether it’s a privately held business, a publicly owned corporation, or a nonprofit organization, must prepare reports on its financial performance. These reports help owners and managers make operating decisions, enable creditors to evaluate loan applications, and provide individuals with information to make investment decisions. We recognized that different entities have different accounting needs. We help you meet your compliance obligations with as little disruption as possible.

Review

If an audit is not required, a review of your financial statements, with considerably less scope than an audit, provides limited assurance at a significantly lower cost. A review may be adequate for entities that report their financial positions to third parties, such as creditors or regulatory agencies. Reviewed financial statements may also be useful to business owners who are not actively involved in managing their companies.

Compilation

A compilation provides no level of assurance that the financial statements are in accordance with GAAP. A compilation presents information that is supplied by management and makes sure the financial statements are free from obvious error. During a compilation, the data is simply arranged into conventional financial statement form; no probing is conducted beneath the surface. Compilations are most often prepared for small, privately held entities that need help in preparing their financial statements and do not need a high level of assurance.


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Bruce M. Berger and Company, PA
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