At Mike Brumfield, LLC, our financial statement services consist of two levels of assurance—reviews and compilations. The use of these will depend on your company's needs.
In a review, we perform analytical procedures and inquiry and issue a report expressing limited assurance that the CPA did not become aware of any material modifications that should be made to the financial statements to be in accordance with the applicable accounting framework. Reviewed financial statements are often prepared to report to regulatory agencies, creditors or other users who do not require audited financial statements.
For compilations, we issue a report stating that the compilation was performed in accordance with professional standards, but expresses no assurance that the statements are in accordance with the applicable accounting framework. Compiled financial statements are often prepared for privately-held entities that do not need a higher level of assurance expressed by us.