Robert Loe CPA

Reviews and Compilations for New Clients

So, you are in need of an accountant to help you complete your review or compilation?

Well you came to the right place.

Reviews are engagements that provide reports with limited assurance. Falling directly below the level of assurance provided by an audit and above that of a compilation, we perform review engagements for construction contractors and others that require this level of assurance for bonding requirements or the needs of lenders.

Compilations are engagements that provide reports without assurance. A valuable tool for a lender or other third-party for a relatively simple business entity, compilations without disclosure are the lowest level of financial statement we provide.

Who Needs It: Anyone who wants to provide either some assurance to a third-party about their financials, or simply have the information compiled together into a neat and professional format.

How to Prepare: Reviews and Compilations are simpler and less time-consuming than audits. That being said, the information that you should prepare and gather is very similar. This includes a copy of the company financial records, this can be a backup file of the accounting program used i.e. QuickBooks, Sage, etc., and related work-papers. If you use an accounting software, all the necessary reports and information can be effortlessly collected for these engagements. For these types of jobs, we will check the accuracy of the financials and create a report. What makes these jobs different that an audit is that we do not issue an opinion on either the financials or the internal control because that is beyond the scope of these jobs.

First Step: The first and foremost step, as with most of our services, is to contact us. We need to gauge the job and determine if it is something we have the expertise to do and the staff to do so. Once we decide that we will accept the engagement, we will send out an engagement letter to you, the client. This letter needs to be signed and sent back to us before we do anything. Once we have received the signed engagement letter, we will contact you to confirm and from there we will begin arrangements for document retrieval and planning of the job.

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