Loan agreements often require reviewed or audited financial statements each year. They are different engagements.
- An audit gives reasonable assurance. We test records and controls and give an opinion.
- A review gives limited assurance. We ask questions and compare results, without testing records.
- A compilation gives no assurance. We put your numbers into financial statements.
Read your loan agreement before you engage anyone. If it asks for a review, an audit costs more than you need.