An audit is not always necessary to validate your financial reporting. For simple reporting of your financial position to third parties, such as regulatory agencies or creditors, a financial review provides inquiry and analytical procedures applied to financial data without the need for outside verification.
This procedure differs from a compilation in two ways — our team must be independent of your company, and all appropriate disclosures must be included in the reviewed financial statements. A review is a mid-tier assurance procedure that provides more reliance than a compilation but is not as invasive as an audit.
A financial statement review may also be useful to business owners who are not actively involved in managing their companies; and receive reporting with limited assurance that material modifications to the financial statements are not necessary.