Gurian PLLC, a Dallas CPA firm, performs account reviews of business’ financial statements and issues a report that provides limited assurance that material changes to the financial statements are not necessary. With respect to reliability and assurance, a review falls between a compilation, which provides no assurance, and the more extensive assurance of an audit.
Before a review, our firm may have to compile the financial statements; however, in all cases, the financial statements are the business’ financial statements, not the CPA’s. Clients’ management must have a sufficient understanding of the financial statements to assume responsibility for them.
Gurian PLLC will make inquiries concerning such financial statement-related matters as accounting principles and practices, recordkeeping practices, accounting policies, actions of the board of directors, and changes in business activities. Then we will apply analytical procedures designed to identify unusual items or trends in the financial statements that may need explanation. Essentially, a review is designed to see whether the financial statements “make sense” without applying audit-type tests.
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