Updated: Aug 23, 2022
You're continuing to move up in the industry. A Compilation Report is no longer sufficient. You need to submit Reviewed financial statements to your surety. That's more great news! So what should you expect?
More interaction with your CPA. A financial statement Review requires your CPA to perform multiple inquiries and analytics. These inquiries allow the CPA to build expectations on what could go wrong so they know what additional questions to ask and procedures to perform to ensure materially accurate financial statements are being reported.
There may be requests for support along the way, like bank reconciliations and bank statements or support related to subsequent activity (job schedules after the year end that's being reported).
There will most likely be "supplemental information" attached to the financial statements too, like contract schedules. As you can imagine you'll get numerous questions about the progress on your projects on these reports.
Review engagements typically take up to 50 to 60 hours to complete depending on how many adjustments are made along the way.