(309) 662-8797 woodwardassoc@cpaauto.com
Compilations, Reviews & Audits
Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company. They may have different levels of risk tolerance, so we provide the following levels of assurance to meet the various needs.


Compilations are usually requested for internal purposes and are based upon information provided by a company’s management. They do not offer assurance but may involve some adjustments to accounting records. Although prepared mostly for internal purposes, Banks often request compilations for lending purposes.


Reviews provide limited assurance to the company’s financial statement recipients and involve inquiries and analytical procedures that confirm financial statement presentation, while identifying items requiring further analysis.

Audits (Including 401k)

Audits offer the highest level of assurance to third parties, and include in-depth examination and confirmation of account balances, inventories, and selected transactions. Audits are often performed as a result of a regulatory requirement or financial statement covenant(s) imposed by various financial institutions.

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