(cross posted from www.ulvog.wordpress.com)
I have discussed the differences between audits, reviews, and compilations here and here. Even developed a visual illustration here. Ask any CPA and you can get a long explanation of the distinctions.
For something shorter, consult this article by Angus Loten in the Wall Street Journal, which said:
…
One sentence explanation of the difference between audits and reviewsRead More »
Here is a visual picture that illustrates the different comfort levels someone can draw from financial statements that have been audited, reviewed, or compiled by a CPA.
Here is a picture of assurance levels from reports issues by CPAs.
…
Visual description of the difference between audits, reviews, and compilationsRead More »
This is an explanation of the visual picture I drew in the previous post. I will try to explain the differences between audits, reviews, and compilations with a minimal amount of the technical words we CPAs usually bring to an issue. …
What comfort level is there from an audit, review or compilation report?Read More »