Compilation and Review
Compilation involves gaining a general understanding of your business and bookkeeping system, as well as presenting your financial information in the accepted format of proper financial statements. Review is where the CPA will inquire about your business, accounting policies and procedures, industry, operations and personnel. Analysis 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 it gives more assurance about your financial condition as presented on the financial statements.