Financial Statement Services

Clarity for every reporting requirement.

Preparation, compilation, review, and audit services matched to your financial reporting needs.

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Serving Oregon, California, Washington

Illustration of four financial report cards on a blue and gold platform
Choose with confidence

Start with Your Reporting Requirement

The appropriate engagement is usually driven by who will rely on the statements and what their written terms require. We begin there, then match the scope to the decision at hand.

Financing & Covenants

Loan applications, renewals, credit facilities, and covenant reporting may call for a specific type of CPA report.

Bonding & Licensing

Sureties and licensing bodies may specify compiled, reviewed, or audited statements based on their requirements.

Investors & Ownership

Prospective investors, existing owners, and transaction parties may need greater confidence in financial reporting.

Boards, Grants & Regulators

Boards, grantors, government agencies, and contractual arrangements can determine the required level of assurance.

Four distinct services

Four Financial Statement Services

Management remains responsible for the financial statements, underlying records, and internal controls in every engagement.

Preparation

No assurance

We prepare financial statements from information management provides. No accountant’s report is issued and no assurance is provided.

Preparation details
  • Financial statements prepared from your accounting records
  • No verification or assurance procedures
  • No formal CPA report; statements identify that no assurance is provided
  • Often suited to internal management or situations where no formal report is required

Compilation

No assurance

We apply accounting and reporting expertise to assist management in presenting financial statements and issue a compilation report.

Compilation details
  • Accountant’s compilation report accompanies the statements
  • No audit or review procedures and no assurance expressed
  • Independence is not required; any lack of independence is disclosed
  • May fit internal or third-party needs when the requesting party accepts a compilation

Review

Limited assurance

An independent CPA performs primarily inquiry and analytical procedures to obtain limited assurance on the financial statements.

Review details
  • Independent accountant’s review report
  • Management inquiries and analytical procedures
  • Conclusion addressing whether material modifications are needed
  • May be requested for financing, bonding, investor, or contractual purposes

Audit

Reasonable assurance

An independent audit provides high, but not absolute, assurance and an opinion on whether the statements are presented fairly under the applicable framework.

Audit details
  • Planning and assessment of material misstatement risk, including fraud risk
  • Understanding of controls relevant to the financial statement audit
  • Evidence gathering, testing, confirmations, and other procedures as appropriate
  • Independent auditor’s report and opinion
At a glance

Compare Service Levels

A third party’s written requirement should be reviewed before the engagement is selected. Similar-sounding requests can call for very different work.

Feature Preparation Compilation Review Audit
Assurance None None Limited Reasonable—high, not absolute
CPA report No Compilation report Review report Auditor’s report and opinion
Independence Not required Not required; lack is disclosed Required Required
Primary work Prepare statements from client records Assist with presentation; no verification Inquiry and analytical procedures Risk assessment, evidence, and testing
Common use Internal reporting or when no report is required Needs accepting a CPA compilation report Financing, bonding, investors, or contracts Major financing, grants, boards, regulators, or transactions
Relative scope Foundational Lower Moderate Most extensive

Illustrative guidance only. The requesting party, reporting framework, record quality, complexity, timing, and applicable professional standards determine the final engagement scope.

Preparation

Assurance: None

Report: No CPA report

Common use: Internal reporting or when no report is required

Compilation

Assurance: None

Report: Compilation report

Common use: When a requesting party accepts a compilation

Review

Assurance: Limited

Report: Review report

Common use: Financing, bonding, investors, or contracts

Audit

Assurance: Reasonable—high, not absolute

Report: Auditor’s report and opinion

Common use: Major financing, grants, boards, regulators, or transactions

What to expect

Our Engagement Process

The exact procedures vary by service level, but the experience should remain straightforward and well communicated.

1

Clarify the requirement

We review who needs the statements, why they need them, and any written terms.

2

Confirm scope & readiness

We identify the appropriate engagement, reporting framework, timeline, and records needed.

3

Gather records

You receive an organized request list tailored to your company and engagement.

4

Perform the work

We complete the procedures required for preparation, compilation, review, or audit.

5

Issue & explain

We finalize the statements and applicable report, then discuss practical next steps.

Engagement readiness

Prepare for Your Engagement

The specific request list will depend on your organization and service level. These records are commonly part of a financial statement engagement.

View the engagement checklist
✓Finalized general ledger or trial balance
✓Bank and credit-card reconciliations
✓Accounts receivable and payable detail
✓Debt agreements and covenant terms
✓Inventory and fixed-asset schedules
✓Prior statements and adjusting entries
✓Material contracts, minutes, and grants
✓Lender, surety, or investor instructions
Frequently asked questions

Reporting Questions, Answered

Which service does my lender, surety, or grantor require?
The requesting party should specify the required service in writing. Send us the loan covenant, bonding request, grant term, or investor instruction and we can help interpret whether it calls for preparation, compilation, review, audit, or another service.
What is the difference between preparation and compilation?
Both provide no assurance. In a preparation engagement, financial statements are prepared from management’s records without an accountant’s report. A compilation includes an accountant’s compilation report, but the CPA still does not express assurance.
Does a review verify every transaction?
No. A review provides limited assurance and consists primarily of management inquiries and analytical procedures. It is substantially less extensive than an audit and does not include testing every transaction.
Does an audit guarantee that every error or instance of fraud will be found?
No. An audit is designed to obtain reasonable—high, but not absolute—assurance that the financial statements are free of material misstatement. It does not provide a guarantee or examine every transaction.
Will a financial statement audit include an opinion on our internal controls?
Not automatically. The auditor obtains an understanding of controls relevant to planning and performing the financial statement audit. A separate opinion on the effectiveness of internal controls requires a specifically defined engagement.
What affects the fee and timeline?
The service level, reporting framework, quality and readiness of records, number of entities or locations, transaction volume, inventory, debt arrangements, deadlines, and complexity of significant accounts can all affect scope, timing, and fees.
Can you work with our current bookkeeping and accounting system?
Often, yes. We begin by evaluating the records and required reporting framework. If cleanup, reconciliations, or additional schedules are needed, we identify those items early so responsibilities, timing, and independence considerations remain clear.

Not sure which level your stakeholder requires?

Tell us about the lender, surety, grant, investor, or board requirement. We’ll discuss the next step and an appropriate way to share any confidential records.

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Certified Public Accountant
CPA licensed in Oregon & California
Serving Oregon, California, Washington