If you are a business owner, understanding the difference between a compilation, review engagement, and audit can save you time, money, and a few headaches.

At Geib and Company, we believe in making accounting understandable, useful, and maybe even a little entertaining.

 

What Is the Difference?

1. Compilation Engagement – The “Just the Basics” Option

Think of a compilation like a financial selfie. You provide your numbers, and we organize them into financial statements. We do not verify or analyze them—we simply make them look professional and compliant with accounting standards.

• Best for: Small businesses, startups, or sole proprietors
• No assurance is provided
• Cost-effective and quick

Fun Fact: It is like asking your accountant to tidy your financial room—not clean it.

2. Review Engagement – A Financial “Checkup”

A review is a step up. We perform some analysis and ask questions to ensure your numbers make sense. It is not as in-depth as an audit, but it provides a moderate level of assurance that your financials are reasonable.

• Best for: Growing businesses, lenders who want some assurance
• We perform inquiry and analytical procedures
• You receive a review engagement report

Think of it as: A financial second opinion—without the full-body scan.

3. Audit Engagement – The Full Financial MRI

An audit is the gold standard. We dig deep, verify transactions, test controls, and provide the highest level of assurance. It is detailed, thorough, and often required by investors, banks, or regulators.

• Best for: Larger companies, non-profits, or when required by law
• We examine evidence and internal controls
• You receive an auditor’s opinion

Translation: We check under the hood, behind the fridge, and under the couch cushions.

 

Which One Do You Need?

Here is a quick cheat sheet:

Engagement Type	Level of Assurance	Who It Is For
Compilation	None	Small businesses, internal use
Review	Limited	Lenders, growing businesses
Audit	High	Investors, regulators, large organizations

We are not just number crunchers—we are your accounting partners. Whether you need a quick compilation or a full audit, we tailor our services to your needs (and we promise not to bore you with accounting lingo).