At McConnell & Jones LLP, we understand that different companies require different levels of assurance when it comes to their financials. When a comprehensive financial statement audit is not necessary but financial assurance is needed, we can assist with a review examination or compilation. Whether you’re preparing financial statements for internal purposes or to lend credibility to third-party sources, our services are designed to help you make informed decisions based off reliable information.
Our review, compilation, and agreed-upon procedures engagements are performed in accordance with the attestation standards put forth by the American Institute of Certified Public Accountants (AICPA).
A review provides limited assurance regarding an organization’s financial statements. Less extensive than an audit but more involved than a compilation, a review is typically performed to ensure third parties that no material modifications need to be made on the financials in order for the financial statements to conform to the Generally Accepted Accounting Principles. A review typically includes analytical procedures applied to financial statements and inquires to the company’s personnel.
A compilation provides no assurance regarding the company’s financial statements. During a compilation, McConnell & Jones will put the financial data provided to us into a financial statement format that conforms to the Generally Accepted Accounting Principles. Compilations do not require personnel inquiries, analytical testing, or procedures, and we make no comments and give no opinions on the outcome of compilations.
An Agreed-Upon Procedures engagement is often performed when a company needs reporting outside of the scope of a review or compilation, without incurring the costs of an audit. In an AUP engagement, specified parties agree on the specific procedures to be performed by McConnell & Jones, which we then report back to the client and/or the third party. Agreed-upon procedure engagements are performed in accordance with the attestation standards set for by the AICPA, and opinions regarding findings are not given.
Contact us to discuss your compliance and reporting needs for your business.