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Fargo, ND Accounting Firm / Compilation & Review / Phil Condit, P.C.

Phil Condit, P.C.

2701 9th Ave S, Ste I, Fargo, ND 58103
Phone: (701)237-6364
pcondit@pccpa.net

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Compilation & Review

Call Us: (701) 237-6364
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Compilation & Review


Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company. They may have different levels of risk tolerance, so we provide two levels of assurance to meet the various needs: Compilations and Reviews.

Compilation - Lowest Level of Assurance

In compiling financial statements for a client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements. Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.

Banks often require compilations from an independent CPA as part of their lending covenants.

Review - Limited Assurance

Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company's management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.

A review doesn't require us to study and evaluate your company's internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: "We are not aware of any material modifications" for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures.

Why might a business request a review engagement? It can be a good middle ground, providing the advantages of a CPA's technical expertise without the work and expense of an audit.

Which Report Should You Use?

Each type of financial statement report may suit specific circumstances, depending on requirements from your bank, government entities, or other parties, as well as meet budgetary needs.

Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one. Please call to determine which type of report is right for you or complete the form below for a Free Consultation.

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Phil Condit, P.C.
2701 9th Ave S, Ste I
Fargo, ND 58103
Phone: (701) 237-6364
pcondit@pccpa.net

Phil Condit, P.C.
2701 9th Ave S, Ste I
Fargo, ND  58103
Phone: (701) 237-6364 | Fax: (701) 293-7269
pcondit@pccpa.net
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