Financial Statement Preparation, Compilation, Review, and Audit

Clear Reporting for Every Stage of Growth

Every business needs accurate and reliable financial statements. The right type of engagement depends on your size, complexity, and the requirements of lenders, investors, regulators, or your board. At JCox CPAs & Advisors, P.C., we provide a full spectrum of services — from basic preparation to full audits — so you get the right level of reporting without unnecessary cost.

Preparation Engagements

We prepare financial statements using information provided by management. These statements are useful for internal decision-making, tax reporting, or when professionally formatted financials are needed.

• Assurance Provided: None

• Best For: Internal management use, tax compliance, or small businesses not seeking outside financing

• Average Fees: $1,500 – $5,000 for small entities; $5,000 – $15,000 for medium entities

Compilation Engagements

We compile financial data into GAAP-compliant statements and issue a CPA’s report. Although no assurance is provided, the CPA association lends credibility and professionalism.

• Assurance Provided: None

• Best For: Businesses applying for credit lines, small loans, or providing basic financials to investors or partners

• Average Fees: $3,000 – $8,000 for small entities; $8,000 – $20,000 for medium entities

Review Engagements

We perform analytical procedures and inquiries to determine whether the financial statements require material modification. This provides limited assurance, making a review stronger than a compilation but less extensive than an audit.

• Assurance Provided: Limited

• Best For: Businesses seeking larger loans or outside investment where stakeholders require more than a compilation but not a full audit

• Average Fees: $7,500 – $15,000 for small entities; $15,000 – $35,000 for medium entities

Audit Engagements

An audit is the most comprehensive service, providing reasonable assurance that financial statements are free of material misstatement. We examine internal controls, supporting documentation, and key transactions, issuing an independent auditor’s opinion.

• Assurance Provided: Reasonable (highest level)

• Best For: Companies required by regulators, investors, or boards to present audited financial statements; businesses preparing for significant financing or acquisition

• Average Fees: $15,000 – $40,000+ for small entities; $40,000 – $100,000+ for medium entities depending on complexity