A review consists primarily of inquiry, analysis and discussion, and provides limited assurance. It involves less work than an audit and is often what a lender or funder requires.

A compilation, previously called a Notice to Reader, presents financial information provided by management under an agreed basis of accounting. It provides no assurance and is appropriate for many internal and tax purposes.

That depends on who is asking and why. Your loan agreement, funding conditions, bylaws or governing legislation usually specify it. Requests sometimes say “audited” when the underlying document permits a review or compilation, so the wording is worth checking.

At Business 360.CPA our team can provide audits, reviews and compilations for not-for-profits and charities as well as businesses. We understand the reporting that funders, members and boards rely on, and we plan the timing around your board and funder deadlines.

By confirming what is required, then delivering the appropriate audit, review or compilation through an organized process with clear document requests and timelines. Where reporting is needed for internal decisions rather than an outside user, management reporting may be the better fit.

Your engagement is led by a senior professional who stays involved from planning through to completion. You will have a clear point of contact responsible for delivery and communication, so management and the board know where the work stands, what is needed from you and when to expect results.

Because reliable reporting depends on more than the final statements. We confirm the requirement before quoting, run an organized process and keep management and boards informed throughout. The result is financial statements your lenders, funders and stakeholders can rely on, with fewer surprises along the way.

The cost of an audit depends on the organization’s size, complexity, record quality and whether it has been audited before. First-year engagements involve additional work to establish opening balances. Fees are set once the requirement and scope are confirmed.

With a short Fit & Scope call about your organization, who relies on your statements and what has been requested. From there, the next step is a Reporting Requirement Assessment, which reads the underlying requirement and determines whether management reporting, a compilation, a review or an audit is the right response.