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Audit & assurance · SSARS
A review gives limited assurance that no material changes are needed for your statements to follow the applicable framework. It is often the right fit for smaller credit lines, owners and early-stage investors.
Serving United States, Virginia, Washington, DC, Maryland.
What we handle
In a review, we perform inquiry of management and analytical procedures: comparing results with prior periods, budgets and industry expectations, and asking about unusual changes. We do not test internal controls, confirm balances with third parties or observe inventory, which is why a review costs significantly less than an audit and takes less of your team's time.
At the end, we issue a review report stating that we are not aware of any material modifications needed for the statements to be in accordance with the framework, such as GAAP or the tax basis. We must be independent of your company to perform a review.
A compilation is one step lighter: we present your financial information in proper financial statement form without providing assurance, and a compilation can be issued even when we are not independent, with that fact disclosed. A preparation engagement produces statements with no report at all. We help you choose the level your lender, surety or investors actually require.
Speak with an advisorWhere we help
Required for larger loans, bonding, investors, regulators and sale processes.
Often accepted for smaller credit lines and owner reporting at a lower cost.
Statements in proper form for owners and some lenders; independence not required.
Statements prepared for internal use, with each page marked that no assurance is provided.
Our approach
A senior advisor reviews your facts and documents.
Scope, fees and timeline in an engagement letter.
Returns, elections and forms prepared and reviewed.
IRS contact and planning all year.
Questions
If your question isn't here, call (703) 880-8412 and you'll reach a person.
Many banks accept reviewed statements for smaller credit lines. Check your loan agreement or ask your banker; we can talk with them on your behalf.
Many reviews are completed within two to four weeks once year-end books are closed and our questions are answered.
Yes. Tax-basis statements are common for private companies and can reduce cost, if your lender accepts them.
Yes. When a lender or investor requires an audit, we plan the transition, including work on opening balances, so the first audit runs smoothly.
Latest updates
The amendments aim to reduce compliance costs of the new quality control standard. QC 1000 and the amendments take effect December 15, 2026, subject to SEC approval.
Source: Deloitte DART
The PCAOB delayed its new firm quality control standard by one year to give registered firms more time to design and test their systems.
Source: PCAOB
Related
Independent financial statement audits, reviews, compilations and employee benefit plan (401(k)) audits for private companies, government contractors and nonprofits.
Learn moreHeadquartersAddress, local tax issues and the full range of services in Northern Virginia.
Learn moreStart a conversation
Tell us what you're facing. A senior advisor will reply within one business day with a clear next step.
Speak with an advisor
Call(703) 880-8412Emailinfo@vgcpapc.comRequest a consultationA senior advisor replies within one business day.