Review Engagement
Independent financial statement reviews conducted under U.S. GAAS: built for private companies, nonprofits and community associations.
What Is a Review Engagement?
And who is required to have one.
A review engagement is an independent examination of your organization's financial statements, conducted by a licensed CPA under U.S. Generally Accepted Auditing Standards (GAAS).
The CPA performs analytical procedures and inquiries to provide limited assurance that no material modifications are needed for the financials to be in conformity with the applicable accounting framework.
It provides limited assurance — less than an audit, but more than a compilation — and is often required by lenders, funders, or governing documents when a full audit is not mandated.
. Per AICPA Professional Standards, AU-C Section 930 — Engagements to Review Financial Statements.
The CPA performs analytical procedures and inquiries to provide limited assurance that no material modifications are needed for the financials to be in conformity with the applicable accounting framework.
It provides limited assurance — less than an audit, but more than a compilation — and is often required by lenders, funders, or governing documents when a full audit is not mandated.
. Per AICPA Professional Standards, AU-C Section 930 — Engagements to Review Financial Statements.
Who needs one:
Private Companies — often required by lenders or investors when a full audit is not mandated. Common in loan covenants, credit agreements, and bonding requirements for smaller contracts.
Nonprofits — required by some state charity regulators at lower revenue thresholds, and by certain foundations or grantors that don't require a full audit but want some level of independent assurance.
HOAs & Condo Associations — required by some state laws or governing documents when annual revenues fall below the audit threshold but independent assurance is still expected by the board or unit owners.
Sources: National Council of Nonprofits, State Nonprofit Review Requirements; AICPA AU-C Section 930; applicable state HOA statutes.
How the Review Process Works
From engagement to final report — here's what to expect.
From engagement to final report — here's what to expect.
Engagement Setup
We review your organization's structure, accounting policies, and key financial areas. We identify accounts and relationships that warrant focused analytical attention.
Analytical Procedures
We analyze your financial data — comparing ratios, trends, and balances against expectations. Where something looks unusual, we follow up with targeted inquiries to management.
Management Inquiries
We ask structured questions about your accounting practices, significant transactions, and any material changes from prior periods. No physical document testing — just informed, professional scrutiny.
Draft & Management Review
We prepare a draft of your reviewed financial statements and share them with management. You review, ask questions, and provide any final clarifications.
Final Report Issuance
We issue the signed accountant's review report along with the complete financial statement package — ready for your board, funders, or lenders.
Total engagement typically runs 2–4 weeks from signed engagement letter to final report issuance, depending on organizational readiness.
Why Organizations Choose GreyWood
- Drafts in 1 WeekMost firms drag out even a review. We deliver draft financial statements within one week of completing our procedures — so you can satisfy your lenders, close your books, and move on.
- Built for Your IndustryWe don't audit everyone. We specialize in nonprofits, HOAs, and private companies — meaning your team already understands your industry, compliance obligations, and stakeholder expectations before day one.
- Nationwide, No CompromisesHeadquartered in Richmond, VA — serving organizations across the country. Remote-first fieldwork with on-site availability when you need it. Same rigor, same standards, wherever you are.
Frequently Asked Questions
An audit provides the highest level of assurance — the auditor independently tests and verifies your financial statements. A review provides limited assurance through analytical procedures but no testing. A compilation simply presents financial information in the proper format with no assurance. Which one you need depends on your organization type, revenue, and what your funders or governing documents require.
Most engagements run 2–4 weeks from signed engagement letter to final report. Well-prepared clients often finish faster.
Fees depend on the size and complexity of your organization. We provide a fixed-fee engagement letter upfront — no surprises. Contact us for a complimentary consultation and we'll give you a clear estimate within 15 minutes.
We provide a detailed Prepared-By-Client (PBC) checklist at the start of every engagement. Typically this includes bank statements, general ledger, trial balance, board minutes, contracts, and prior year financials.
Yes — we are a nationwide firm. We conduct fieldwork remotely or on-site across the U.S.
Absolutely. We walk you through every step and handle the process from engagement letter to final report.
Get Your Review Report. On Time. Every Time.
We'll assess your requirements and give you a clear recommendation within 15 minutes — at no cost.