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Reviewed and compiled financial statements

Owners, sureties, lenders, and boards often ask for financial statements with a level of assurance beyond internal spreadsheets. Under Statements on Standards for Accounting and Review Services (SSARS), G&S Accountancy delivers compilations (nonassurance) and reviews (limited assurance) tailored to how construction, transportation, and nonprofit organizations actually operate — including job costing, WIP schedules, fleet and equipment capitalization, and net asset classifications for nonprofits.

Compilation engagements: what changes vs. internal statements

A compilation presents financial statements in accordance with the applicable financial reporting framework without obtaining assurance. Our work focuses on professional presentation, consistent application of GAAP (or a special purpose framework where appropriate), and reconciliations that tie the statements to the trial balance and subledgers. Compilations are frequently paired with bookkeeping clean-up so the close process is repeatable month after month — not a heroic year-end scramble.

Review engagements: inquiries and analytics

A review provides limited assurance that we are not aware of any material modifications needed for the statements to be in accordance with the applicable framework. Reviews include inquiries of management and analytical procedures; they do not include confirmation, physical observation, or detailed test work like an audit. For many mid-market businesses, a review strikes a practical balance between credibility with third parties and cost discipline.

Documentation you can take to a bank or surety

We emphasize schedules that external readers expect: contract backlog and margin bridges, related-party activity, debt compliance calculations, and nonprofit liquidity disclosures. When your controller or outside agency asks for “support,” the binders already exist because we built them during the engagement.

How compilations differ from reviews in practice

  • Compilation: format, classify, and reconcile; no assurance conclusion.
  • Review: limited assurance via inquiry and analytics; no deep substantive testing.
  • Neither is an audit: we do not express an opinion on internal control or provide reasonable assurance.

Working with your audit defense and tax teams

Financial statements do not exist in a vacuum. The same documentation that supports a review also supports IRS, FTB, EDD, or CDTFA examinations when issues arise. Our firm’s model keeps tax, attestation, and controllership disciplines aligned so you are not translating between three different advisors during a crisis.

Discuss scope, timing, and deliverables for your organization: schedule a consultation or call (909) 466-1808.