P2 provides Compilation and Review services to nonprofit organizations and small businesses. Although an audit is the classic method of evaluating an entity’s financial situation, it is not necessary in many cases. Frequently, a compilation or review of an entity’s financial statements will be sufficient. The cost of these services can be significantly less than the charges for a traditional audit. We will work with you to determine which service provides the appropriate level of assurance and go through all the details to ensure you fully understand the process.
A Compilation is a presentation of financial statements and other information that is the representation of the management or owners. We do not express an opinion or give any other form of assurance. We read the statements and issue our compilation report on them. Compilations are useful when clients need assistance in preparing their monthly or quarterly statements.
A Review is more comprehensive than a Compilation. The accountant attempts to determine, through inquiry and analysis, whether an entity’s financial statements conform with generally accepted accounting principles. Reviews are useful when clients, creditors or others need limited assurance that the financial statements require no material modifications.
