P A R Y & Co
P A R Y & CO

Review & Compilation Service

We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing our client's profitability and efficiency. We provide financial reporting on two levels of assurance:

  1. Review includes conducting of some analytical procedures with limited assurance. The quarterly unaudited financial results of companies listed on stock exchanges in India are subject to limited review by the chartered accountants. Review of financial statements does not involve the testing like the audited financial statements. The focus in a review is analytical procedures, trends and analysis and other procedures. These financial statements require full financial statement presentation and footnote disclosures. Usually a review will cost less than an audit. (As per AAS 33).

  2. Compilation based upon client information provided and used primarily for internal use. The silent feature in these types of engagements is that there is use of accounting expertise as against auditing expertise to collect, classify and summarise financial information. A compilation would involve gaining a general understanding of your business and bookkeeping system and presenting your financial information in the accepted format of proper financial statements. It involves reducing data to a manageable and understandable form. There is no assurance or opinion given on the financial information. (As per AAS 31).