Financial Statement Reviews for Massachusetts Businesses
When your bank, your investors, or your board needs a CPA reviewed financial statement, ADC CPA delivers cleanly and on time.
If your bank just told you they need a financial statement review, or you are not sure whether you need a review, an audit, or a compilation, this page is the right starting point. ADC CPA performs financial statement reviews and compilations for Massachusetts businesses across manufacturing, professional services, and other industries. We do this work cleanly, on time, and with the kind of communication that makes the process simple for owners who have never been through it before.
Review, Audit, or Compilation: What Is the Difference?
These three terms come up constantly in conversations about bank financing and business reporting. Most business owners have heard all three and are not entirely sure what separates them. Here is the plain language version.
A compilation is the most basic level of financial statement service. Your CPA organizes and presents your financial information in the proper format. No assurance is provided that the numbers are accurate. Compilations are sometimes sufficient for internal use or very small loan requests, but many lenders require something more.
A review is the middle tier. The CPA applies analytical procedures and asks targeted questions about your accounting policies, significant balances, and anything that looks unusual. At the end of the process, the CPA issues a report providing limited assurance that nothing came to their attention suggesting the financials are materially misstated. This is what most Massachusetts lenders require for small and mid-market business loan applications.
A full audit is the most rigorous level. The CPA independently tests and verifies your financial information through sampling, confirmation, and substantive procedures. Audits provide reasonable assurance and are required by some lenders above certain loan thresholds, by investors, and by boards of certain organizations.
If you are not sure which one applies to your situation, that is a question ADC CPA can answer in the first conversation.
Why Your Bank or Lender Wants a Review
Lenders are making a risk decision when they extend credit to your business. Your financial statements are the primary tool they use to make that assessment. When they ask for reviewed financials specifically, they are asking for a level of independent verification that goes beyond what you or your internal team prepared.
A CPA reviewed financial statement tells your lender that a licensed professional has looked at the numbers, asked the right questions, and found nothing that raises a material concern. That level of confidence matters, especially for:
- Commercial real estate loans and refinancing
- Equipment financing above certain dollar thresholds
- Business acquisition financing
- Lines of credit for growing businesses
- SBA and other government backed lending programs
A clean review delivered on time can also make a meaningful difference in how smoothly future financing conversations go. Lenders remember firms that make their process easy.
What Our Review Process Looks Like
ADC CPA structures the review engagement to minimize disruption to your business while keeping the process on schedule. Lender deadlines are real, and we plan around them from the start.
Here is what to expect:
- An initial scoping conversation to understand the business, the lender requirement, and the timeline
- A document request list sent in advance so you know exactly what to gather and nothing gets missed
- Fieldwork conducted remotely or on site depending on the engagement
- Regular communication throughout so there are no surprises and no last minute requests
- Draft delivery for your review, followed by final issuance of the CPA report
The goal is to make this process straightforward for you, even if you have never been through it before.
Industries We Serve for Review and Compilation Work
ADC CPA works with Massachusetts businesses across a range of industries on financial statement reviews and compilations. Our audit and assurance services are built for closely held companies that need quality work delivered by a team that understands their industry.
The businesses we most commonly serve for this work include:
- Manufacturers and wholesale distributors across Massachusetts
- Professional services firms including consulting, engineering, and design practices
- Closely held family operated companies going through financing or ownership transitions
- Small businesses in the $1M to $30M revenue range with bank or investor reporting requirements
- Not for profit organizations with grant or board level reporting requirements
If your industry is not on that list, reach out anyway. The review process is consistent across business types, and we are happy to scope the engagement for your situation.
Why Work with ADC CPA on Your Financial Statement Review
Choosing a CPA firm for a financial statement review is not just about credentials. It is about working with a team that communicates well, meets deadlines, and understands what your lender is actually looking for.
ADC CPA has been doing this work in Massachusetts for over fifty years. Our quality assurance work is led by senior team members with decades of experience in public accounting across commercial and manufacturing sectors. We are not a firm that disappears between engagements. Many of our financial statement review clients are year round advisory clients who also work with us on tax planning and bookkeeping, which means we already know the business when the review engagement begins.
That existing relationship makes the process faster, more accurate, and less disruptive for our clients. For first time clients coming to us specifically for a review, we bring the same level of care and communication to get the work done right.
Getting Started
The first step is a brief conversation about your situation. We want to understand what your lender is requiring, what your timeline looks like, and what condition your books are currently in. From there, we can scope the engagement and give you a clear picture of what the process involves and what it will cost.
There is no commitment required to have that first conversation.
Need a financial statement review? Schedule a Consultation