Limited assurance when a full audit is not warranted; compiled statements when no assurance is required.
Limited assurance under CSRE 2400. The common fit when a lender or agreement requires more than a compilation but a full audit is not warranted.
The work consists mainly of inquiry and analytical procedures applied to your year-end statements, not the detailed testing an audit requires. The report concludes on whether anything came to our attention that the statements are not fairly presented.
Compiled under CSRS 4200 with a basis-of-accounting note. We take your trial balance and source documents, map the accounts, and corroborate cash, receivables, and payables against bank statements and listings before the statements are assembled.
You receive a finalized statement package; our file keeps the full working-paper trail behind it.
The level of reporting is usually set by whoever reads the statements: a lender, a bonding company, or a shareholder agreement. Tell us who that is and what your agreements require, and we confirm whether a review or a compilation fits.