Audits, Reviews & Compilations
When a bank, investor, grantor or regulator needs confidence in your financial statements, the level of CPA involvement matters. We perform compilations, reviews and audits under professional standards and explain which one you actually need.
How Nelson & Associates handles Audits, Reviews & Compilations
A compilation presents your financial information in the form of financial statements without providing assurance. A review provides limited assurance, based mainly on inquiry and analytical procedures. An audit provides reasonable assurance, the highest level, through testing of records, confirmations and evaluation of internal controls.
We help you understand what your lender, grantor or agreement requires, plan the engagement to minimize disruption and deliver the report on time. Our client portfolio has included corporations and governmental agencies that needed expertise in financial reporting.
Who this is for
- Businesses with bank loans requiring reviewed or audited statements
- Nonprofits with grantor or Single Audit requirements
- Companies preparing for investment, sale or merger
- Contractors needing financial statements for bonding
- Associations and condominium associations
- Foreign-owned subsidiaries reporting to parent companies
Everything covered in our Audits, Reviews & Compilations service
- Engagement planning and scoping
- Compiled financial statements
- Reviewed financial statements with accountant's report
- Audited financial statements with auditor's opinion
- Footnote disclosures
- Management letters with internal control observations
- Agreed-upon procedures engagements
- Assistance with adjusting entries and year-end close
The paperwork behind Audits, Reviews & Compilations
| Compilation (SSARS AR-C 80) | Financial statements prepared with no assurance |
|---|---|
| Review (SSARS AR-C 90) | Limited assurance through inquiry and analytics |
| Audit (GAAS) | Reasonable assurance and an opinion on fair presentation |
| Agreed-upon procedures | Specific procedures requested by a user |
| Management letter | Recommendations on controls and processes |
What we’ll need from you
Have these ready and your first meeting goes faster. Missing something? We’ll help you find it.
- Trial balance and general ledger
- Bank reconciliations and statements
- Accounts receivable and payable detail
- Fixed asset and depreciation schedules
- Loan agreements and covenants
- Board minutes and significant contracts
How it works, step by step
Scope
We confirm what level of service the users of your statements require.
Plan
We agree a timeline, document list and fieldwork dates.
Perform
We carry out procedures and discuss findings as we go.
Report
We deliver statements, our report and recommendations.
Why clients choose us for Audits, Reviews & Compilations
Fraud & forensic training
Our founder holds a Master of Accounting with a minor in fraud forensics.
Courtroom experience
Expert witness and consultant in federal cases involving fraud and tax evasion.
Independent and objective
Findings grounded in evidence and professional standards.
Clear communication
Complex financial findings explained in plain language for owners, boards and juries.
Audits, Reviews & Compilations across the United States
From our Doral office we provide Audits, Reviews & Compilations to clients in all 50 states and Washington, D.C. Hover over a state to see its tax profile and the cities we serve; tap it to open the state page.
Services clients often pair with this
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Design and review of internal controls that protect assets, prevent fraud and make financial reporting reliable.
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Investigation of fraud, embezzlement, money laundering and financial misconduct, with findings that stand up in court.
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Monthly bookkeeping, reconciliations and financial statements that keep your business accurate, tax-ready and easy to manage.
Learn moreMore in Audit, Forensic & Litigation
Audits, Reviews & Compilations FAQs
5 answers to the questions clients ask most. Don’t see yours? Ask us directly.
What is the difference between a review and an audit?
A review provides limited assurance through inquiry and analytical procedures. An audit provides reasonable assurance by testing transactions, confirming balances and assessing internal controls. Audits take longer and cost more.
Which one does my bank need?
Your loan agreement usually specifies the level. If it doesn't, ask your lender; many smaller loans accept reviewed statements.
How long does an audit take?
It depends on size and readiness. Well-organized books and a clear document list shorten the timeline considerably.
Can you also prepare our tax return?
For compilations and reviews, yes. For audits, independence rules limit some services, and we'll explain what is permitted.
Do you offer Audits, Reviews & Compilations outside Florida?
Yes. Our office is in Doral, Florida, and we work with clients across the United States and abroad through secure uploads, phone and video meetings and e-signatures. South Florida clients are welcome to meet with us in person.
Talk to a CPA about Audits, Reviews & Compilations.
Your initial consultation is free. Call us, email us or visit our Doral office, and we’ll tell you exactly what you need and what it will cost.