Review & Compilation Services

At various times, most organizations - whether publicly traded, privately held or a not-for-profit - are asked to report on the organization's financial condition. Financial reports help shareholders, creditors and stakeholders assess the organization and help management make better governance decisions. The accounting profession has three distinct financial statement services to help organizations report important financial information: the audit, the review and the compilation.

Choose the type of financial reporting service that serves your needs best

Audit

An audit provides the highest level of assurance on an organization's financial statements. In the audit, our CPAs examine your financial statements by conferring with outside parties, completing physical inspections and observations, and testing selected transactions by examining support documents. An effective audit by Wall, Einhorn & Chernitzer should add value by providing practical recommendations to strengthen internal controls, improve operational efficiency, and enhance systems and procedures.

Review

A financial review is less extensive than an audit, but more involved than a financial compilation. A review engagement consists primarily of analytical procedures we apply to your financial statements. The purpose of a financial review engagement is to provide limited assurance about the financial statements. A financial review is a less expensive option that, nonetheless, provides boards, regulators and other stakeholders with some assurance of the accuracy of the organization's financial records.

Compilation

A financial compilation is the lowest level of assurance in the range of reporting services. The compilation presents information that is a "representation of management" and expresses no opinion or assurance on the statements. Compilations are usually less time-intensive and thus, less expensive in terms of fees.