Review, Compilation & AUP

Beyond assurance services, BCS offers reviews, compilations, and Agreed-Upon Procedures (AUP) for privately held companies and other entities that do not require a full audit. These cost-effective alternatives can be selected based on specific lender or stakeholder requirements.

Review Services

• Analytical procedures and inquiries form the basis for obtaining limited assurance.

• A review does not include understanding internal controls, assessing fraud risk, or testing accounting records, which are typical of a full audit.
• The CPA issues a report stating the review complies with Statements on Standards for Accounting and Review Services (SSARS) and acknowledges management’s responsibility for preparing and presenting financial statements in accordance with applicable reporting frameworks.

Compilation Services
A compilation is the most basic service for financial statements, offering no assurance or opinion.

• The accountant assists management in presenting financial information in the form of financial statements.
• The service does not involve inquiry, analytical procedures, or other procedures typically performed in a review.
• A report is issued stating that the financial statements were compiled in accordance with SSARS but were not audited or reviewed.

Agreed-Upon Procedures (AUP)
Agreed-Upon Procedures engagements address specific needs by reporting findings based on procedures requested by the client.

• These engagements are tailored to address particular areas of concern or compliance requirements.
• The report details the findings based on the specified procedures performed.