Meaningful Assurance, Streamlined Process

A review engagement provides limited assurance on financial statements through inquiry and analytical procedures. While less extensive than an audit, a review still offers valuable credibility for stakeholders who need confidence in your financial reporting without requiring a full audit.

Review engagements are conducted in accordance with Statements on Standards for Accounting and Review Services (SSARS), resulting in a report expressing limited assurance that we are not aware of any material modifications that should be made to the financial statements.

When a Review Makes Sense

Reviews are ideal for organizations that need more credibility than a compilation but don't require the highest level of assurance an audit provides.

Growing businesses seeking bank financing with flexible requirements
Companies preparing for future audit requirements
Organizations with stakeholders requesting limited assurance
Businesses meeting contractual or regulatory thresholds
Entities transitioning from compilations to higher assurance levels

Our Review Process

We perform analytical procedures and make inquiries of management to obtain limited assurance about whether material modifications should be made to the financial statements.

Understanding of your business, industry, and accounting practices
Analytical procedures applied to financial data
Inquiries of personnel responsible for financial and accounting matters
Review of significant accounting policies and estimates
Issuance of a review report suitable for external use

Decision Support

Review engagements fit when limited assurance is the required answer

A review is more than management-prepared statements, but less than an audit. The engagement should be scoped around the report users, financial statement framework, close quality, and inquiry and analytics support.

Who This Is For

Companies whose lender, owner group, or board needs limited assurance.
Growing businesses that need credibility without full audit scope.
Organizations with clean books but no requirement for an audit opinion.

Documents Usually Needed

Trial balance, general ledger, financial statements, and reconciliations.
Debt, revenue, payroll, equity, and significant estimate support.
Prior reports, lender requests, and current management representations.

What You Receive

Reviewed financial statements and accountant's review report.
Inquiry and analytical procedures focused on limited assurance.
Close-readiness and open-items communication before issuance.

When Timing Matters

Before lender renewal, ownership reporting, or board reporting dates.
After the close is complete and core accounts are reconciled.
Before covenant deadlines tied to reviewed financial statements.

Common Mistakes

Assuming a review satisfies an audit requirement.
Submitting unreconciled books and expecting a fast turnaround.
Waiting to address unusual margins, estimates, or debt classifications.

Engagement Fit

Best fit for limited assurance when report users accept that level.
Management remains responsible for the financial statements and records.
Scope is set after confirming the user requirement and readiness.

What is a CPA review engagement?

Short answer: A review engagement gives limited assurance on financial statements through inquiry and analytical procedures, making it useful when lenders, owners, or stakeholders need credibility without a full audit.

Limited assurance under SSARS for external financial statement use.
Common for financing, ownership reporting, and growing companies.
More credibility than a compilation with less scope than an audit.

Financial Statement Review Engagements