Financial Statement Services
Financial statement services provide the level of assurance organizations need for lenders, boards, investors, regulators, and internal decision-making. Molinari Oswald delivers CPA-led audits, reviews, compilations, and Agreed-Upon Procedures for clients in Whitehall, Allentown, Bethlehem, Easton, Lehigh, Northampton, Bucks, Montgomery, and Berks counties, throughout the Mid-Atlantic, and nationwide.
The Right Level of Financial Assurance, Delivered by Peer-Reviewed, Experienced CPAs
Financial statements are more than compliance documents; they are decision-making tools for business owners, boards, lenders, investors, and regulators.
At Molinari Oswald, LLC, our peer-reviewed, CPA-led team provides a full range of financial statement services, including audits, reviews, compilations, and Agreed-Upon Procedures (AUP). From our headquarters in Center Valley, Pennsylvania, we serve organizations in Whitehall, Allentown, Bethlehem, and Easton, as well as the surrounding counties of Lehigh, Northampton, Bucks, Montgomery, and Berks, the Mid-Atlantic region, and nationwide.
We help clients select the appropriate level of assurance based on their specific needs without over-scoping or under-serving.
Our Financial Statement Services
Each service below delivers a different level of assurance and insight. We guide you to the right solution based on who will rely on the statements and how they will be used.
Financial Statement Audits
Highest Level of Assurance
A financial statement audit provides independent assurance that an entity’s financial statements are presented fairly in accordance with U.S. Generally Accepted Accounting Principles (GAAP).
Audits are often required by:
- Investors and shareholders
- Regulatory bodies
- Lenders for complex financing
- Organizations undergoing mergers, acquisitions, or ownership transitions
Financial Statement Compilations
No Assurance, Clear Presentation
A compilation presents financial information in the form of financial statements using data provided by management. No assurance is provided, but the statements are organized clearly and consistently.
Compilations are often used for:
- Internal management reporting
- Board and committee oversight
- Budgeting and performance tracking
Agreed-Upon Procedures (AUP)
Targeted Procedures, Factual Findings
Agreed-Upon Procedures engagements are designed to address specific questions or risk areas. Procedures are defined in advance and the final report provides factual findings without an audit opinion.
AUP engagements are ideal for:
- Board or committee requests
- Compliance or contract testing
- Payroll, receivables, or transaction-specific reviews
- Lender or grant-related procedures
Which Financial Statement Service Is Right for You?
The right service depends on who will rely on the financial statements and the level of assurance required.
| Decision Factor | Audit | Review | Compilation | Agreed-Upon Procedures |
|---|---|---|---|---|
| Level of Assurance | Highest | Limited | None | None (Factual findings only) |
| CPA Opinion Issued | Yes | Limited assurance conclusion | No opinion | No opinion |
| Primary Purpose | Independent verification | Credibility without full audit | Organized financial presentation | Targeted testing of specific areas |
| Typical Users | Investors, regulators, lenders | Banks, owners, stakeholders | Management, boards, committees | Boards, lenders, grantors |
| Testing Performed | Extensive testing & confirmations | Inquiry & analytical procedures | No testing | Only agreed-upon procedures |
| GAAP Consideration | Full GAAP compliance | GAAP conformity assessed | Management’s framework | Depends on procedures |
| Best Fit When | Highest confidence is required | Some assurance is needed | Internal use only | Specific risks or questions exist |
Not sure which service applies?
We routinely help organizations determine the correct service before engagement, saving time, cost, and frustration.
610-871-6700
Call Us Now
Dedicated CPA Firm, Not a One-Size-Fits-All Approach
We don’t apply templated solutions to financial statement services. Each engagement is led by experienced CPAs who take the time to understand your organization’s structure, industry, and reporting requirements.
As your organization evolves, our guidance evolves with you, providing continuity, accountability, and clarity year after year.
Get Guidance on the Right Financial Statement Service
Whether you need assurance for external stakeholders or clarity for internal decision-making, our team will help you select and execute the right financial statement service.
Schedule a consultation to determine which service best fits your organization’s needs.
Frequently Asked Questions
What financial statement services does Molinari Oswald offer?
Molinari Oswald provides CPA-led financial statement services including audits, reviews, compilations, and Agreed-Upon Procedures (AUP) engagements.
Which financial statement service do I need: audit, review, compilation, or AUP?
The right service depends on who will use the statements and what level of assurance is required. Audits provide the highest assurance, reviews provide limited assurance, compilations provide no assurance, and AUP engagements provide factual findings from targeted procedures.
What is the difference between an audit and a review?
An audit provides the highest level of assurance and includes extensive testing and verification. A review provides limited assurance and relies primarily on inquiry and analytical procedures rather than detailed testing.
What is the difference between a review and a compilation?
A review provides limited assurance using inquiry and analytical procedures, while a compilation presents financial statements based on management-provided data and provides no assurance.
What is an Agreed-Upon Procedures (AUP) engagement used for?
An AUP engagement is used when an organization needs targeted testing of specific areas such as payroll, accounts receivable, transaction activity, or compliance requirements. The report provides factual findings without an audit opinion.
Can Molinari Oswald help us choose the right level of assurance?
Yes. Molinari Oswald helps organizations select the appropriate financial statement service based on stakeholder requirements, lender expectations, reporting goals, and operational needs.
Do you provide financial statement services outside Pennsylvania?
Yes. Molinari Oswald serves clients across the Lehigh Valley and Mid-Atlantic region and supports organizations nationwide depending on engagement needs.
