Review and Compilation Services
Withum’s Review and Compilation Services Team provides organizations across a wide range of industries with financial statements tailored to their reporting needs when a full audit is not required.
Review Services
Reviewed financial statements can be a cost-effective alternative to a full financial statement audit. A review provides limited assurance that an organization’s financial statements are presented in accordance with its applicable financial reporting framework.
During a review, our team conducts analytical procedures and inquiries to establish a reasonable basis for providing limited assurance. Unlike an audit, a review does not include detailed testing of transactions, account balances, or internal controls.
Reviews are often requested by banks, lenders, investors, boards of directors, grantors and other stakeholders who need greater confidence in financial information than internally prepared statements can provide. A review can also help strengthen an organization’s financial credibility as it grows.
Compilation Services
A compilation does not provide assurance on an organization’s financial statements. In a compilation engagement, we use financial information provided by management to prepare and present financial statements in accordance with the applicable financial reporting framework.
Compiled financial statements are commonly used by business owners, management teams, investors and lenders who require professionally prepared financial statements without requiring the assurance level provided by an audit or review. A compilation can help present financial information in a clear, organized and professional format.
Personal Financial Statements
A personal financial statement summarizes an individual’s financial position by presenting assets, liabilities, and net worth. It provides a clear picture of personal finances and is often used when applying for loans, obtaining financing, supporting personal guarantees, planning estates, or evaluating overall financial health.
Unlike business financial statements, personal financial statements focus on an individual’s assets and obligations rather than the operations of a business. Depending on the needs of the intended users, a personal financial statement may be compiled or reviewed by our team.
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For more information or to discuss your business needs, please connect with a member of our team.