Providing limited assurance
Reviews are popular attest engagements when an organization does not require to be audited but needs to provide more formalized financial reporting to stakeholders beyond self-prepared financial reports.
Our attest practice is highly experienced in performing review engagements. We believe that a well-executed review engagement starts with a focus on planning. Our team will gain a solid understanding of your organization's financial reporting and provide a tailored client request list ahead of time. During the engagement's fieldwork, we will conduct inquiries with management and perform analytical procedures, including a comparison to relevant industry statistics. We share a discussion draft with management after our review procedures are finalized. In addition to delivering a high-quality assurance service, we will also share comments, observations, and recommendations regarding items noted during the review with management. You might find a new perspective to be beneficial.
Trout CPA performs hundreds of such engagements each year and will consult with you about the best level of attest service to meet the needs of financial statement users. We believe that it is often a worthwhile conversation to discuss the optimal financial reporting framework and help weigh the pros and cons of different bases of accounting, such as:
Accounting principles generally accepted in the United States of America (U.S. GAAP)
Modified cash basis of accounting or pure cash basis of accounting
Income tax basis of accounting
Financial Reporting Framework for Small- and Medium-Sized Entities (AICPA FRF for SMEs)
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Want to learn more about our Review services?
We would be happy to discuss how Trout CPA can help with your specific needs.