Compilation and Review Services

McHale, Caruso, Scullion & Knox has over 30 years of experience performing audits for private companies of all sizes within a variety of industries. We also have extensive experience working with the medical/healthcare industry.

COMPILATION — Lowest level of Assurance

At McHale, Caruso, Scullion & Knox we present information that is the "representation of management" and expresses no opinion or assurance on the statements when compiling financial statements for a client. Compilations do not require . We rely on our knowledge of accounting principles and a general understanding of your business rather than inquiries of management or analytical procedures.

Compilations from an independent CPA are often times are required by banks as part of their lending covenants. Each type of financial statement report may suit specific circumstances, depending on requirements from your clients bank or other parties, as well as meet budgetary needs.

REVIEW — Limited Assurance

Reviews are typically Less extensive than an audit, but more involved than a compilation. A review engagement consists primarily of an analysis of financial statements, and various inquiries we make of your companies management team. If any of the information or data collected seems inconsistent or questionable, we may need to perform additional procedures.

A review does not 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 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 advantage of a CPA's technical expertise without the work and expense of an audit.

Want to learn more about McHale, Caruso, Scullion & Knox Compilation and Review Services please call 239-481-7400.