The Difference between an audit, review and a compilation

Businesses frequently do not consider if they are getting the appropriate level of financial statement services.  Most often, business default to audits because that is what they are familiar with.  But accountants provide three levels of financial statement services, two of which are most often forgotten.  Compilations and reviews are cheaper alternatives to audits that many businesses do not take advantage of properly.  Part of this may come from not properly understanding what each of these services entail.   Understanding the level of services can help businesses select the best match of services for their needs and the needs of their financial statement users. Continue reading »