Audit. Review. Compilation. What's the Difference?

Your CPA firm could provide one of several levels of services when you hired them to look at your financial statements and issue a report. They could perform an audit, or a review, or a compilation.

There won’t be big visual differences in the report they issue but there will be huge differences in cost. The reason you get the CPA’s involvement in the first place is to communicate your financial information to outside parties.

There is a huge difference in the comfort level those outsiders get from reading the CPA’s report.

So of an audit, review, and compilation, which should you get?

It depends.

This book will help you understand the differences between these three very different services so you can understand the conversation with your CPA and can better determine what services you need.