Financial Reporting and Assurance

Compilation

A compilation is a financial report prepared by a CPA that provides the data in a financial statement format without providing any review or auditing services.

Review

A review is a financial report prepared by an independent CPA which gives limited assurance that there are no material modifications to be made to the entities financial statements. This report offers analytical procedures of accounting as opposed to examination and confirmation, as with an audit.

Audit

An Audit is a financial report prepared by an independent CPA which gives reasonable assurance about whether the financial statements are free from material misstatement.