Review

Reviewed financial statements provide the organization’s governing body with comfort that, based on the CPA’s review, the CPA is not aware of any material modifications that should be made to the financial statements for the statements to be in conformity with the method of accounting utilized.  A review is substantially less in scope than an audit, and does not require obtaining an understanding of internal control, assessing the risk of fraud, or testing the organization’s records.

A review engagement involves the CPA performing procedures (primarily analytical procedures and inquiries) that will provide a reasonable basis for obtaining limited assurance that there are no material modifications that should be made to the financial statements.

A review performed by BMWL typically results in the following reports:

BMWL’s review report expressing limited assurance on the financial statements

Financial statements and related disclosures