As CPAs, Hudson Pope, PLLC provides financial assurance services. We take the time to understand the nuances of our client’s particular organization, its financial goals, and the potential obstacles to achieving those goals. We make valuable insights and strategic recommendations in a timely manner. We work with our clients to provide them with the financial reports that they need to successfully operate their business, including compilation and review reports.
Reviews provide limited assurance to third parties. During a Review, the CPA will inquire about your business, accounting policies and procedures, industry, operations and personnel. Ratio analysis, comparison of your operating statistics to prior periods as well as other financial analysis will be conducted so the CPA understands the key relationships among certain numbers. In the end, a Review gives more assurance about your financial condition as presented on the financial statements.
Compilations are usually requested for internal purposes and are based upon information provided by a company’s management. A Compilation involves gaining a general understanding of your business and bookkeeping system. The CPA will present your financial information in the accepted format of proper financial statements and express no assurance about the accuracy of the numbers presented. The report attached to the financial statement emphasizes that the service is a Compilation.