--- title: "Audits, Reviews, Compilations in Southlake, TX | Wallace CPA" description: "Compilation, review and audit services in Southlake, TX: what each level of financial statement report means, who asks for it and how controls fit." url: https://wallacecpa.multisites.ai/services/audits-reviews-compilations publisher: Wallace CPA phone: +1-877-682-1171 quote: https://wallacecpa.multisites.ai/contact --- Wallace CPA ยท Southlake, TX # Audits, reviews and compilations in Southlake, TX Compilations, reviews and audits are three levels of service on financial statements. A compilation presents the numbers, a review adds analysis, and an audit tests records in depth. Wallace CPA explains the differences for Southlake, TX businesses and helps match the level to who needs the report. [Call (877) 682-1171](tel:+1-877-682-1171)[Send a message](https://wallacecpa.multisites.ai/contact?service=Audits%2C%20reviews%20and%20compilations) ![A woman at a desk marking a printed chart with a pen, beside a calculator](https://wallacecpa.multisites.ai/_astro/desk-with-charts.FvOxpukc_Zy0kNy.avif) ## What's included - A talk about which level a lender or investor asks for - Compilation of financial statements - Review of financial statements - Audit and review engagements, scoped with you first - Review of internal controls - Notes on what to prepare before the work begins ## When people call - A bank or investor wants financial statements from a CPA - A grant or contract requires an audit or review - You want a check on how money moves through the business - You need confidence in the numbers before a sale - You suspect weak controls over cash ## What is the difference between a compilation, review and audit? A compilation presents management's numbers in financial statement form. A review adds inquiry and analysis. An audit tests records and controls in more depth and gives the highest level of comfort. The level you need depends on who asks for the report and why. ## Which one does my lender want? Lenders and agencies set their own requirements, so ask them for the level and the format. Then bring that to us. We can compare it with what your records support. Read our page on [business advisory](https://wallacecpa.multisites.ai/services/business-advisory) if you are preparing for financing. ## What are internal controls? Internal controls are the habits that protect your money and your records, such as separate duties, approvals and regular reconciliations. Weak controls make errors and theft harder to catch. A review of controls looks at how cash, bills and payroll move through the business. See [bookkeeping](https://wallacecpa.multisites.ai/glossary/bookkeeping). ## How should I prepare? Gather bank statements, loan documents, payroll reports and prior year statements. Reconcile your accounts before the work begins. Good [bookkeeping](https://wallacecpa.multisites.ai/glossary/bookkeeping) shortens the process. See our [bookkeeping routine](https://wallacecpa.multisites.ai/guides/small-business-bookkeeping-routine). General information, not advice for your situation. Talk with a CPA about your own facts before you act. ## Questions about Audits, reviews and compilations Ask anything else: call [(877) 682-1171](tel:+1-877-682-1171). [Read the guideSmall business bookkeeping setup and a monthly routine](https://wallacecpa.multisites.ai/guides/small-business-bookkeeping-routine) ### Do all businesses need an audit? No. Requirements come from lenders, investors, agencies or governing documents. Ask the party that requested the report. ### Is a compilation the same as an audit? No. A compilation gives no assurance. An audit tests records in depth. ### Can you review my internal controls without an audit? Yes. A controls review can be done as its own project. ### Will this find fraud? Not necessarily. If you suspect fraud, see our forensic accounting page. ## Related services - [Forensic accounting](https://wallacecpa.multisites.ai/services/forensic-accounting) - [Small business accounting](https://wallacecpa.multisites.ai/services/small-business-accounting) - [Business advisory](https://wallacecpa.multisites.ai/services/business-advisory) ## Sources 1. [IRS: Recordkeeping](https://www.irs.gov/businesses/small-businesses-self-employed/recordkeeping) 2. [SBA: 7(a) loans](https://www.sba.gov/funding-programs/loans/7a-loans) ## Talk to Wallace CPA Call the Southlake office and say what you need: a return, an IRS letter, your books or a new business. Have the notice or last year's return nearby if you have one. [Call (877) 682-1171](tel:+1-877-682-1171)[Send a message](https://wallacecpa.multisites.ai/contact) 180 State Street, Suite 225, Southlake, TX 76092