Benefits of Financial Statement Reviews
You have several great options for assurance. Between compilations, financial statement reviews, and audits, which is the right course for you?
For starters, when asking for or modifying a loan, financial institutions generally require some form of assurance as a default. Audits may be a step too far in this case, but financial statement reviews can do the trick. Reviews are generally more affordable than audits while offering enough assurance to achieve your borrowing objectives or review your current accounting practices.
Financial statement reviews stop short of an audit and, accordingly, may not probe deeply enough to uncover instances of bad faith or fraud. Even so, statement reviews can provide precious insights about your financial targets each quarter or year, your business growth, revenue sources, and your overall fitness in keeping with the reporting & accounting standards established by your industry at large.