How Business Financial Statement Reviews Work
A business financial review is a limited assurance service that involves performing analytical procedures and making inquiries to ascertain the plausibility of financial information. Unlike a full audit, a financial review is less intensive but still provides valuable insights into the financial health of an organization. This service is ideal for businesses that do not require a comprehensive audit but still need a professional opinion on their financial statements.
Our Offerings
At Dimov Audit, we follow a structured approach to deliver our financial review services:
- Initial Analysis of Business Operations: We start by thoroughly analyzing your business operations and the industry environment. This step is crucial to contextualize the financial information and identify relevant trends and issues.
- Conducting Analytical Procedures: Our team performs various analytical procedures, including ratio analysis, trend analysis and comparisons with industry benchmarks. These procedures help us identify significant variances and unusual patterns in the financial data.
- Management Inquiries: We engage with your management team to gather insights and explanations regarding the financial information. These inquiries help us understand the reasoning behind the numbers and any significant events that may have impacted the financial statements.
- Evaluation of Financial Statements: We focus on significant trends and items that appear inconsistent or unusual. Our goal is to ensure that there are no material misstatements and that the financial statements are in conformity with accounting principles.
- Limited Assurance Report: Based on our review, we provide a limited assurance report indicating that we have not identified any significant issues that would require changes to the financial statements to comply with applicable financial reporting frameworks.
| Feature / Service Component |
Financial Statement Review (This Service) |
Financial Statement Audit |
Compilation |
| Level of Assurance Provided |
Limited assurance |
Reasonable assurance (highest) |
No assurance |
| Analytical Procedures |
Performed |
Performed and supplemented with detailed testing |
Not required |
| Management Inquiries |
Required |
Required and supported by substantive testing |
Minimal or none |
| Testing of Internal Controls |
Not required |
Required |
Not performed |
| Verification of Account Balances |
Limited through analytics and inquiries |
Full verification and testing |
Not performed |
| Report Provided |
Limited Assurance Report |
Auditor’s Opinion (Audit Report) |
Compilation Report (no assurance) |
| Time & Cost |
Moderate |
High |
Low |
| Best For |
Businesses seeking professional review without full audit costs; lenders requiring limited assurance |
Businesses required by law/regulation to have full audits; IPO prep; M&A |
Internal use or basic financial reporting needs |
The Benefits
Choosing Dimov Audit for your business financial review offers several advantages:
- Cost-Effective Solution: Our financial review services are less costly compared to a full audit, making them a viable option for businesses with budget constraints.
- Timely Insights: With a streamlined process, we deliver timely insights that help you make informed decisions and address financial issues promptly.
- Professional Assurance: Our team of experienced auditors provides a professional opinion on your financial statements, enhancing the credibility and reliability of your financial information.
- Customized Approach: We tailor our review procedures to fit the specific needs of your business, ensuring that we address the most relevant financial aspects.
Our Advantage
Dimov Audit is committed to delivering high-quality financial review services that meet the unique needs of each client. Our experienced professionals bring a wealth of knowledge and a meticulous approach to every engagement. By choosing us, you benefit from:
- Expertise: Our team has extensive experience in financial reviews and understands the nuances of various industries.
- Integrity: We uphold the highest standards of integrity and professionalism in all our services.
- Client-Centric Focus: We prioritize our clients' needs and work collaboratively to achieve the best outcomes.
For businesses seeking reliable and efficient financial review services, Dimov Audit is your trusted partner. Contact us today to learn more about how we can support your financial assurance needs.
