Glossary: Compilation
In the accounting world, the term “compilation” refers to formal financial statements prepared by a public accountant.
Glossary: Review (Of Financial Statements)
In accounting terminology, a “review” is a type of report issued by a CPA regarding a company’s financial statements. A review is one step below an audit. In a review, the CPA examines a company’s financials to verify that they are free of deficiencies, but the firm does not review internal controls or fraud risks as in […]
Glossary: Audit (Of Financials)
In financial accounting, an audit refers to a CPA firm reviewing a company’s financials and internal controls, and reviewing documentation to verify the amounts shown on the financials.