Financial Statement Reviews

Financial Statement Review Services in Fairfield, Westport, and the Greater Region

When your organization needs credible financial statements but a full audit isn’t required, a financial statement review offers a smart middle ground. It delivers meaningful assurance and useful insight without the time and cost of a complete audit.

At Rolleri & Sheppard CPAs, LLP, we provide thorough financial statement reviews for businesses, nonprofits, and organizations throughout Fairfield, Westport, and the surrounding Connecticut and New York area. Our review services provide limited assurance on your financial statements by identifying inconsistencies or irregularities, offering accurate and reliable information you and your stakeholders can trust.

Whether a lender, grantor, or board member has requested reviewed financials, or you simply want a clearer picture of your financial health, our team brings the experience and care to get it right.

What Is a Financial Statement Review?

A financial statement review is a service in which a CPA performs analytical procedures and targeted inquiries to provide limited assurance on your financial statements. In plain terms, we look closely at your numbers to confirm nothing appears materially misstated.

Unlike a full audit, a review is less intensive. We don’t test individual transactions or confirm balances with third parties. Instead, we focus on understanding your financials, spotting unusual patterns, and asking the right questions.

During a review engagement, our team:

• Performs analytical procedures to compare current figures against prior periods, budgets, and industry expectations
• Makes inquiries of management about accounting practices, significant transactions, and unusual items
• Evaluates whether your financial statements follow the applicable accounting framework, usually U.S. Generally Accepted Accounting Principles (GAAP)
• Identifies inconsistencies or irregularities that warrant a closer look
• Recommends adjustments where needed to improve accuracy

At the end of the engagement, we issue a report expressing limited assurance: a statement that we are not aware of any material modifications needed for your financials to conform with the applicable framework.

Review vs. Audit vs. Compilation: Understanding the Difference

Choosing the right level of service matters. Each option serves a different need and delivers a different degree of assurance.

• Compilation: We help present financial information supplied by management in the form of financial statements. We don’t verify the information or provide any assurance.
• Review: We perform analytical procedures and inquiries to provide limited assurance that no material modifications are needed for your statements to conform with the applicable accounting framework.
• Audit: We conduct a comprehensive examination designed to provide reasonable assurance, the highest standard available, that your financial statements are free of material misstatement.

A review sits squarely between a compilation and an audit. It offers more credibility than a compilation without the depth, cost, and time commitment of a full audit. For many growing organizations, it strikes exactly the right balance.

If you’re unsure which level fits your situation, our team is happy to help you decide.

Who Needs a Financial Statement Review?

A review works well for organizations that need dependable financials and outside credibility, but aren’t yet required to undergo a full audit.

You may benefit from a financial statement review if you are:

• A growing business seeking a bank loan or line of credit where the lender requests reviewed statements
• A nonprofit organization that must submit reviewed financials to funders, grantors, or a state agency below the audit threshold
• A company with contractual obligations such as vendor, partner, or bonding requirements that call for reviewed financials
• An organization strengthening its governance whose board or investors want independent assurance short of a full audit
• A business planning ahead that wants reliable numbers before a transaction, expansion, or ownership change

Many organizations begin with a review and move to a full audit as they grow, take on financing, or face new reporting requirements. We can help you plan for that path.

The Financial Statement Review Process

We’ve built our process to be efficient and clear. You’ll always understand what we’re doing and what we need from you.

1. Planning and Understanding Your Organization

We start by learning about your operations, industry, and reporting goals. This helps us tailor the engagement and focus our attention where it matters most.

2. Analytical Procedures

We compare your current financial data against prior periods, expectations, and industry benchmarks. Unusual variances or trends signal areas that deserve a closer look.

3. Inquiries with Management

We ask targeted questions about your accounting policies, significant transactions, estimates, and any items that stand out. Your team’s insight helps us understand the story behind the numbers.

4. Identifying and Resolving Issues

When we spot inconsistencies or irregularities, we work with you to understand them and recommend any adjustments needed for accuracy.

5. Reporting

We issue our review report expressing limited assurance, along with practical observations that can help improve your financial reporting going forward.

Throughout, we prioritize clear communication so there are no surprises at the end.

The Benefits of a Financial Statement Review

A review does more than satisfy a request. It gives you accurate, reliable information and valuable insight into your organization’s financial health.

Here’s what a financial statement review delivers:

• Added credibility: Reviewed statements carry more weight with lenders, funders, and partners than internally prepared financials.
• A cost-effective option: You gain meaningful assurance without the greater time and expense of a full audit.
• Cleaner financial reporting: Our analytical procedures often surface errors or inconsistencies you can correct before they cause problems.
• Better decision-making: Reliable numbers give leadership a stronger foundation for planning and growth.
• Practical insights: Our observations can help you improve how financial information is prepared and presented over time.
• A clear path forward: A review positions you well if a full audit becomes necessary later.

Organizations We Serve

We provide financial statement reviews to a wide range of clients across Fairfield County and the surrounding Connecticut and New York region, including:

• Privately held businesses across many industries
• Nonprofit organizations with funder or grantor reporting needs
• Companies with lending or contractual requirements
• Organizations preparing for growth or transition

No matter your size or sector, we customize each engagement to fit your specific circumstances and reporting obligations.

Why Choose Rolleri & Sheppard CPAs

The right partner makes the review process smoother and the results more valuable. Here’s what sets our team apart.

• Unmatched knowledge and experience: With more than 75 years of combined partner experience, we bring deep insight and seasoned judgment to every engagement.
• Tailored solutions: Every client has unique goals. We customize our approach to meet your objectives efficiently and effectively, with year-round guidance to keep you informed.
• Cutting-edge technology: Our investment in advanced software supports accuracy and efficiency, minimizing errors and delivering reliable results.
• Industry leaders: Our partners are recognized leaders who educate local business groups and serve on Connecticut State Society of CPAs committees, including peer review, tax, and nonprofit committees.
• Clear communication: At Rolleri & Sheppard CPAs, our philosophy is simple. Clear communication is everything, and we translate our findings into insights you can act on.

Schedule Your Consultation Today

Reliable financial statements start with the right partner, one with the experience, process, and commitment to accuracy your organization deserves.

Whether a review has been requested by a lender or funder, or you’re considering one to strengthen your financial reporting, we’d welcome the chance to learn about your organization and explain how we can help.

Contact us online or call (203) 259-CPAS to schedule a consultation with our team.