OUR SERVICES
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.
When Is a Review Engagement Required?
Most reviews are triggered by a state law, a lender, or a funder that wants independent assurance without a full audit. These are the most common.
Some states accept reviewed financial statements from nonprofits in a mid-level revenue range, below the point where an audit is required. Thresholds vary widely by state, so we confirm your state's rules during scoping.
Several states require associations to have a review once revenue passes a set level. California requires a review when gross income exceeds $75,000. Florida requires one for condominium and homeowners' associations with annual revenue between $300,000 and $500,000.
Many associations' declarations or bylaws require an annual review regardless of size. If your governing documents call for more than state law does, the stricter standard applies.
Foundations, United Ways, and local government funders often ask for reviewed statements in place of an audit. The requirement is usually set by revenue level or award size in your grant agreement.
Banks often accept a review for smaller credit lines, equipment loans, and covenant reporting. Surety companies may accept reviewed statements for contractors in smaller bonding programs.
Organizations approaching an audit threshold often start with a review. This builds clean, documented records and makes the first audit faster and less expensive.
What Does a Review Engagement Include?
Every review we perform delivers a signed report you can hand to your lender, board, or funder, backed by documented procedures.
- Understanding your organizationWe learn your industry, accounting practices, and reporting framework to focus on the areas where misstatement is most likely.
- Analytical proceduresWe compare balances, ratios, and trends against prior years, budgets, and our expectations to identify anything unusual.
- Management inquiriesWe ask targeted questions about significant transactions, accounting policies, estimates, and changes from prior periods.
- Follow-up on exceptionsWhen results don't match expectations, we dig in until we understand the cause and the numbers make sense.
- Disclosure reviewWe check that your footnotes are complete, accurate, and compliant with GAAP or your applicable framework.
- Management representationsWe obtain written confirmation from management on key matters, completing the evidence behind our report.
Review Engagement vs. Audit vs. Compilation
How the Review Engagement Process Works
Most reviews take 2 to 4 weeks from signed engagement letter to final report, depending on how ready your records are.
Scoping call
A complimentary conversation about your organization, deadlines, and who requires the review. We confirm a review is the right service level before anything is signed.
Fixed-fee proposal and engagement letter
You receive a written scope, timeline, and fixed fee. No hourly surprises.
Document request
We send one clear list of what we need, such as your trial balance, bank reconciliations, and key schedules.
Analytical procedures and inquiries
We analyze your financial data and ask targeted questions about anything unusual or significant.
Draft and management review
We share draft reviewed statements. You review them, ask questions, and we resolve any open items together.
Final report issuance
We issue the signed review report and the complete financial statement package.
Why Organizations Choose GreyWood CPA
Independent reviews with fixed fees, senior-level attention, and a clear timeline from day one.
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Fixed, transparent fees with no surprises - Senior CPAs on every engagement
- Honest advice on whether you need an audit or a review
- One clear document request list from day one
- Nationwide service with remote-first fieldwork
- Actionable control recommendations
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.
Ready to Start Your Review Engagement?
Tell us about your organization and deadline. We'll confirm whether a review is the right fit and send a fixed-fee proposal — at no cost.