Audits & Reviews
Independent financial reporting and analysis that provide clarity, credibility, and confidence in your numbers.
The right level of assurance for your business
From high-level reviews to in-depth audits, we offer a range of financial reporting services designed to meet your specific needs.
- Audits / Audited Financial Statements
- Reviews / Reviewed Financial Statements
- Compilations / Compiled Financial Statements
- Prepared Financial Statements
- Internal audits or reviews
- Agreed-Upon Procedures
- SALT: State and Local Tax reviews
- Risk-based audits
- Sales and use tax reviews and audits
- State and Local Tax reviews (SALT)
Do I need an audit?
Often, we receive calls asking, “How much will it cost for an audit of my company?” The question comes up frequently because the term “audit” can mean different things depending on the situation.
In accounting, an audit is a very specific service. Outside the profession, however, the term is often used more broadly—to describe anything from a financial statement review to verifying that transactions and controls are accurate. Our role is to ask the right questions to determine what service is actually needed.
A typical starting point is understanding why an audit is being requested. It could be for bank financing, a by-law requirement, a vendor request, or another situation entirely. If it’s tied to financing or formal requirements, we review the documentation to determine what is required. If not, we work with you to clarify your needs and recommend the most appropriate approach.
Below is a brief overview of the different types of services available.
Audited Financial Statements
Audited financial statements provide an opinion that the financials are presented fairly, in all material respects. As part of the audit, we evaluate internal controls and review policies and procedures designed to prevent errors or fraud.
This includes discussions with owners and employees, along with detailed testing of transactions and supporting documentation such as invoices, purchase orders, and account records. The result is a high level of assurance based on the evidence obtained.
Audited financial statements also include disclosures related to accounts, transactions, company procedures, commitments, and contingencies.
Reviewed Financial Statements
Reviewed financial statements provide limited assurance that no material modifications are needed. A review involves gathering information about the company and performing analytical procedures, along with inquiries of management.
While less extensive than an audit, a review still results in a formal conclusion on the financial statements. It also includes required disclosures related to the company’s financial position and operations
Compiled Financial Statements
Compiled financial statements provide no assurance on the financials. In a compilation, we take information provided by management and present it in financial statement format, reviewing it for reasonableness but without testing underlying data.
The compiled statements are accompanied by an accountant’s report that clearly states no audit or review was performed.
Prepared Financial Statements
Prepared financial statements also provide no assurance and do not require a formal report. These statements may include basic disclosures, or note when disclosures are omitted.
Agreed-Upon Procedures
Agreed-Upon Procedures are tailored engagements focused on specific areas defined by the client. After performing the procedures, we issue a report detailing the work performed and the findings. without expressing an opinion or conclusion.
Additional Considerations
As you can see, audits involve significantly more work than other types of financial services. In many cases, a reviewed or compiled financial statement may be sufficient to meet your needs.
Through our discussions, we may determine that a more flexible, consultative approach is appropriate, especially for internal purposes. allowing you to receive meaningful insights without the structure of a formal engagement.
If you need an audit or think you might, let’s talk. Our goal is to help you choose the right service and get the most value for your business.
Who This Is For
- Farming and Agribusiness Accounting – Managing land, operations, and multi-generational planning in a complex, asset-driven industry
- Construction Accounting – Project-based accounting, cost tracking, and contract management in a fast-moving environment
- Entrepreneurial Accounting Services – Supporting growing businesses with financial structure, planning, and day-to-day decision-making
- Hospitality Accounting – Managing high-volume transactions, labor costs, and operational efficiency in a dynamic setting
- Manufacturing Accounting – Cost accounting, inventory control, and operational insight for production-driven businesses
- Medical and Dental Accountants – Financial management, compliance, and planning tailored to healthcare practices
- Not-for-Profit Accounting – Transparency, compliance, and reporting for mission-driven organizations
- Professional Services Accounting – Supporting firms with partner structures, billing models, and performance tracking
- Real Estate Development Accounting – Managing projects, entities, and investments across complex real estate portfolios
- Wholesale and Distribution Accounting – Inventory, logistics, and margin management across high-volume distribution operations
Ready to Get Started?
Partner with Faw Casson for a peer review experience that is efficient, insightful, and focused on your success. Contact us today to schedule a consultation and take the next step toward strengthening your firm.
By choosing us, you’re choosing a partner who understands your challenges and is committed to helping your firm thrive.