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Audit, Reviews & Compilations

AUDIT & ASSURANCE

Gain Clarity and Confidence in Your Financial Reporting

What are Audits, Reviews, and Compilations?

Financial statements are the formal records of your business’s financial activities, providing a clear picture of its health and performance. Audits, reviews, and compilations are the three primary levels of assurance services that a CPA firm can provide on these statements. Each service offers a different degree of scrutiny and assurance, designed to meet the specific needs of external parties like banks, investors, or regulatory bodies.

Choosing the right level of service is critical. It ensures you meet your compliance requirements without overspending on an unnecessary level of examination. These services transform raw financial data into a credible, standardized format, allowing you to make educated decisions and present your financial position with confidence.

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Key Benefits of Financial Statement Services

More than just a compliance requirement, these services provide valuable insights that strengthen your organization’s financial footing.

  • Meet Stakeholder Requirements: Satisfy the demands of lenders, creditors, bonding agents, and investors who require an independent CPA’s report on your financial statements.
  • Enhance Credibility: Increase confidence in your financial reporting, demonstrating a commitment to transparency and accuracy.
  • Improve Decision-Making: Gain a clearer understanding of your company’s performance and financial position, enabling more informed strategic planning.
  • Strengthen Internal Controls: An audit or review can uncover inefficiencies or weaknesses in your accounting processes, providing opportunities for improvement.

Services Overview

Financial Statement Audits

An audit provides the highest level of assurance. Through a comprehensive examination of your financial records and internal controls, we provide an opinion on whether your financial statements are materially correct and in conformance with Generally Accepted Accounting Principles (GAAP) or another applicable framework. Audits are typically required for significant financing, regulatory compliance, or to provide maximum confidence to external stakeholders.

Financial Statement Reviews

A review provides limited assurance that your financial statements are free from material misstatement. This service involves performing analytical procedures and making inquiries of management. While less extensive than an audit, a review can satisfy many lenders and investors who need a degree of independent assurance but do not require a full audit. We state that we are not aware of any material modifications needed for the statements to be in conformity with GAAP.

Financial Statement Compilations

A compilation is the most basic level of service. We take your financial data and present it in the form of proper financial statements. In a compilation, we do not provide an opinion or any assurance on the accuracy of the information, stating that the statements are the representation of management. This service is often sufficient for internal management use or for smaller borrowing needs.

“PBMares is tuned-in to our needs throughout the year and not just during audit; sharing information and providing us with knowledge that can improve our accounting systems. When our client requested changes to our general ledger accounts and the presentation of our financial statements, the PBMares team gave us recommendations on how to classify the revenues and expenses, while keeping in accordance with GAAP. I feel that the PBMares team is truly invested in our business and their enthusiasm for what we do really shows!”

~ Erica Whitley, Director of Finance
Spectra Venue Management
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Meet the Team

Daniel Haynes

Daniel Haynes

CPA, CFE, CFF
Partner, Audit & Assurance Service Line Leader
Fredericksburg