Magley & Associates LLC, CPA
Certified Public Accountants

Review and Compilation Services

Magley & Associates LLC, CPA of Fort Wayne does not provide audited financial statement services as part of it's practice. It does, however, provide review and compilation services.

REVIEW — Limited Assurance

Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your companies management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.

A review does not require us to study and evaluate your company's internal Controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement. "We are not aware of any material modifications" for the financial statements to be in conformity with Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures.

Why might a business request a review engagement? It can be a good middle ground, providing the advantage of a CPA's technical expertise without the work and expense of an audit.

COMPILATION — Lowest level of Assurance

In compiling financial statements for a client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements. Compilations do not require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.

Banks often require compilations from an independent CPA as part of their lending covenants. Each type of financial statement report may suit specific circumstances, depending on requirements from your clients bank or other parties, as well as meet budgetary needs.

To learn more about how we can assist your business, contact us at 260-482-2000 and ask for Rick or simply e-mail him. We offer an initial free consultation.

Magley & Associates LLC, CPA
3950 New Vision Drive • Fort Wayne, IN 46845
(260) 482-2000• Fax: (260) 482-2002
E-mail: rmagley@magleycpa.com