What is a financial statement review?

A financial statement review is not an audit

Similar to an audit, a review is an objective evaluation of an organization’s financial statements. However, a financial statement review offers limited assurance, in the form of expressing a conclusion rather than an audit opinion. This conclusion states whether anything has come to the attention of Smith, Sykes, Leeper and Tunstall LLP that indicates the financial statements were not prepared in accordance with the applicable financial reporting framework. 

What is the purpose of a financial statement review?

A review is a cost-effective way to meet the requirements of third parties, such as lenders, without having to complete a full audit.

A financial statement review provides some assurance for companies that are not required to file audited financial statements.

Financial Statement Review Process

A financial statement review involves performing procedures to gather sufficient evidence in order to provide limited assurance on the amounts and disclosures in the financial statements.

The procedures performed consist primarily of making inquiries of management and others within the entity, applying analytical procedures, and evaluating the evidence obtained.

A financial statement review does not constitute an audit and consequently, no audit opinion is expressed.

Financial Review Service In Barrie & Newmarket 

At Smith, Sykes, Leeper and Tunstall LLP, we’re here to provide the detailed financial review support you require. 

Our Newmarket and Barrie accountants are highly efficient and thorough. Contact us today to learn more about our services.