Compilations & Review Financial Statements

Compiled and reviewed financial statements are formal reports that present your business's financial position and results of operations in a structured, professionally prepared format. Lenders, investors, bonding companies, and regulatory agencies frequently require these statements before approving financing, extending credit, or entering into contracts. At Ethical Accounting Consultants LLC, we prepare both compilations and reviews in accordance with professional standards, giving your stakeholders the confidence they need and giving you a clear picture of where your business stands.

A compilation is the most basic level of financial statement preparation. We take your accounting records and present them in the form of financial statements — balance sheet, income statement, and accompanying notes — without providing any assurance or opinion. The financial statements are formatted to professional standards, but we do not perform analytical procedures or inquiry. Compilations are appropriate when your bank or bonding company requires professionally formatted statements but does not need a higher level of assurance. Many small businesses use compilations to satisfy annual lending covenants or to provide financial statements to ownership groups.

A review provides a moderate level of assurance — more than a compilation but less than a full audit. In a review, we perform analytical procedures and make inquiries of management to determine whether any material modifications should be made to the financial statements for them to be in accordance with the applicable financial reporting framework. We issue a review report that states we are not aware of any material modifications that should be made. Reviews are commonly required by lenders for larger credit facilities, by franchisors for franchisee compliance, and by certain regulatory bodies. They offer a meaningful level of credibility without the cost and complexity of a full audit.

Who is this for? Compilations and reviews are essential for businesses that need to present financial statements to third parties — banks, investors, bonding companies, franchisors, or regulatory agencies. If you are applying for a commercial loan, renewing a line of credit, seeking investment capital, or responding to a regulatory requirement, professionally prepared financial statements demonstrate that your business is organized, transparent, and financially sound.

At EAC, we work with businesses in Jonesboro, Arkansas, and Northeast Arkansas. Because we also handle your ongoing bookkeeping and tax work, your financial statements are prepared by the same team that knows your numbers year-round — which means fewer questions, faster turnaround, and statements that truly reflect your business. You work with a single point of contact, straightforward upfront pricing, and never face surprise invoices. Schedule a free consultation today to discuss whether a compilation or review is right for your business.