Unaudited Financial Statements
Anderson Hager & Moe offers two alternatives to audited financial statements.
To perform a compilation, CPAs will collect a company’s current financial information and organize it into financial statements and other supplemental schedules for presentation to management. A CPA is not required to make inquiries or perform other procedures to corroborate or review the information supplied by management. This type of work is often prepared for privately held companies that do not require a higher level of assurance expressed by the CPA.
A review involves performing inquiry and analytical procedures that provide the CPA with a reasonable basis for expressing limited assurance there are no material modifications that should be made to the statements for them to be in conformity with generally accepted accounting principals. A review is substantially less in scope than an audit.
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