What is an agreed-upon procedures engagement?

We perform specific procedures that you and the other parties relying on the report have agreed to, then report what we found. Common uses include grant and contract compliance, royalty and licensing reviews, lender requirements and targeted transaction work.

How is it different from an audit or a review?

An audit or a review ends with a conclusion about your financial statements as a whole. An agreed-upon procedures report gives no opinion or conclusion. It lists the procedures performed and the findings, and the parties draw their own conclusions. Because the scope is narrower, it is usually faster and less expensive. If you need assurance on your full financial statements, see our financial statement audits.

Who can use the report?

The parties who agreed to the procedures, such as a lender, grantor or licensing partner. The report can be limited to those parties, and we confirm who will rely on it when we scope the engagement.

Reviews and Compilations | Brinker Simpson

The Right Level of Reporting

Not every organization needs an audit. When a lender, bonding company, grantor or board needs financial statements but not the highest level of assurance, a review or compilation can meet the requirement at a lower cost.

A review provides limited assurance based on analytical procedures and inquiry. A compilation presents your financial information in financial statement form without assurance. We help you confirm which level your stakeholders require, then deliver clear, consistent statements on the timeline they expect.

Reviewed Financial Statements

Limited assurance, based on analytical procedures and inquiry, that no material changes are needed for your statements to conform with the reporting framework.

Compiled Financial Statements

Financial statements presented in proper form from your records, with a compilation report and no assurance.

Financial Statement Preparation

Statements prepared for internal use or for users who do not require a CPA report.

Reporting Framework Guidance

Advising whether GAAP, tax basis or another framework fits your users and keeps reporting practical.

Moving Between Levels

Planning the step up to an audit when a lender or grantor requires one, or a lower level of service when requirements ease.

Who Is This For

Businesses whose lender or bonding company requires reviewed or compiled statements
Pennsylvania charities with contributions between $250,000 and $750,000
Owners who want outside-prepared statements for planning or financing
Organizations deciding whether they need an audit or a lower level of service

Frequently Asked Questions

What is the difference between a review and a compilation?

A review provides limited assurance, based mainly on analytical procedures and inquiries of management. A compilation presents your information in financial statement form without providing assurance. Neither includes the testing an audit requires.

Which one do we need?

Your lender, bonding company, grantor or state registration rules usually specify the level. If you are not sure, we review the requirement with you before the engagement starts. Compare with a financial statement audit.

Do Pennsylvania charities need reviewed statements?

Charities that register with the Pennsylvania Department of State and receive between $250,000 and $750,000 in annual contributions can generally submit reviewed statements instead of an audit. Above $750,000, audited statements are generally required.

Where are your clients located?

Our office is in Media, PA. We work with businesses and nonprofits across Delaware County, Greater Philadelphia, South Jersey and Delaware, and nationwide.

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