Tax Planning Strategies
CPA Review vs. Compilation vs. Audit: Which Do You Need?
Compare CPA compilation, review, and audit engagements under SSARS and auditing standards to find the right assurance level…
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Assurance
Assurance service
CPA Review Engagements: Reviewed Financial Statements for Lenders and Investors
A review gives lenders, sureties and investors limited assurance on your financial statements — performed under SSARS AR-C 90 and issued as a signed review report.
- SSARS AR-C 90
- Independence confirmed first
- Signed review report
The short answer
What is a review engagement?
A review is an attest engagement in which a licensed CPA performs inquiry and analytical procedures on your financial statements and reports whether material modifications are needed. It provides limited assurance under SSARS AR-C 90 — substantially less than an audit.
Oct 28, 2026Independent Accountant’s Review Report
A review provides limited assurance based mainly on inquiry and analytical procedures. It is substantially less in scope than an audit; no opinion is expressed.
When you need it
Who usually asks for a review.
A review is often the middle ground between compiled statements and a full audit.
Bank loans
Lenders asking for reviewed statements in a covenant.
Surety bonding
Bonding capacity tied to reviewed financials.
Investors
Stakeholders wanting more than internal reports.
Franchisors & landlords
Agreements requiring CPA-reviewed statements.
Where a review sits
More than a compilation, less than an audit.
Check your agreement’s wording — if it says “audited”, a review won’t satisfy it.
No assurancePreparationSSARS AR-C 70
Statements prepared from your records.
Limited assuranceReviewSSARS AR-C 90
Inquiry and analytics with a review report.
● This pageReasonable assuranceAuditAICPA SAS
Full audit opinion. Offered by decision.
Not every request needs the highest level. We match the engagement to the exact wording your requester uses.
Scope
What a review includes.
Clear scope up front, in the engagement letter.
Included
- Inquiry of management
- Analytical procedures
- Independence confirmation
- Management representation letter
- Signed review report
Not included
- An audit opinion
- Testing of internal controls
- Third-party confirmations
- Detection of fraud
- Any guarantee of accuracy
What you receive
The review deliverables.
Delivered together as one reviewed package.
Review report
Review report
Signed by a licensed CPA, stating limited assurance.
Financial statements
Financial statements
Balance sheet, income statement and cash flows.
Notes to the statements
Notes to the statements
Required disclosures under your framework.
How an engagement works
Four steps, clearly defined.
- 1
Engagement letter
Scope, framework and responsibilities agreed.
- 2
Independence
Confirmed before work begins.
- 3
Inquiry & analytics
Questions and analysis of your statements.
- 4
Review report
Signed report delivered with the statements.
Licensed CPA sign-offEvery report and letter
AICPA standardsSSARS and SSAE, cited by number
Independence firstConfirmed before we accept
Secure portalDocuments never sent by email
FAQ
Frequently asked questions.
Reviewed by the NexusWorks assurance team · Last updated Oct 28, 2026
No. A review provides limited assurance through inquiry and analytical procedures; an audit provides reasonable assurance and is substantially greater in scope. No opinion is expressed in a review.
Many lenders specify the level they need in the loan agreement. Send us the wording — if it requires audited statements, a review won’t satisfy it.
Independence rules may limit this. We confirm independence before accepting a review and will tell you if a conflict exists.
Your financial statements or trial balance, supporting records and answers to our inquiries. We’ll send a request list after the engagement letter.
Match your request
Tell us what was asked for.
Paste the exact wording from your lender, surety or agency. We'll tell you which engagement satisfies it — and if it doesn't fit what we offer, we'll say so.
Out-of-state engagements accepted where state rules permit.