SSARS Review & Compilation — VA, MD & DC

    Financial Statement Review & Compilation Services — Virginia, Maryland & DC

    A compilation and a review are CPA financial statement services performed under SSARS. A compilation presents management's financial statements with no assurance. A review provides limited assurance through analytical procedures and inquiries. Both cost less than an audit and satisfy many lender, grantor and regulatory requirements across Virginia, Maryland and DC.

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    What is the difference between a financial statement compilation and a review?

    A compilation is a CPA engagement with no assurance — the CPA presents financial statements based on management information without verifying them. A review provides limited assurance through analytical procedures and management inquiries. Neither is as comprehensive as an audit, but both require an independent CPA and satisfy many lender, grantor, and regulatory requirements at significantly lower cost.

    SSARS Engagement
    A SSARS (Statements on Standards for Accounting and Review Services) engagement is a CPA engagement governed by AICPA standards for compilation and review services — distinct from auditing standards. Both compilations and reviews are SSARS engagements; audits are governed by GAAS or GAGAS.
    Limited Assurance
    Limited assurance is the conclusion provided in a CPA review engagement — the CPA states that nothing came to their attention indicating the financial statements are not fairly presented in accordance with the applicable financial reporting framework. This is weaker than audit (reasonable) assurance but stronger than a compilation (no assurance).

    Review & Compilation Services

    From bank loan reviews to HOA compilations and nonprofit SSARS engagements, we deliver the right level of assurance at the right price.

    Financial Statement Review (SSARS)

    A CPA-issued review engagement under SSARS 21 (Statements on Standards for Accounting and Review Services) provides limited assurance — we perform analytical procedures and inquiries and issue a report stating nothing came to our attention indicating the financial statements are not fairly presented. Accepted by many lenders, grantors, and regulators where an audit is not required.

    Financial Statement Compilation

    A compilation involves presenting financial statements based on information provided by management — without performing verification procedures or providing any assurance. We issue a compilation report under SSARS 21. Compilations are appropriate for HOA real estate disclosures, franchise FDD filings, internal reporting, and situations where the user does not require or expect assurance.

    Bank Loan Review Engagements

    Many community banks, credit unions, and regional lenders accept CPA-reviewed financial statements for commercial loans under $2 million–$5 million, depending on their underwriting policy. A review costs significantly less than an audit while providing credible independent verification of your financial position. We work with your lender's specific requirements.

    HOA Financial Review & Compilation

    Virginia HOAs are governed by the Common Interest Community Act (§55.1-1955), which requires HOAs with revenues over $250,000 to have an annual independent CPA examination. Maryland and DC have similar requirements. Many HOAs meet this requirement with a CPA review or compilation rather than a full audit — at significant cost savings for the homeowners.

    Nonprofit Review Engagements

    State charitable solicitation laws vary. Maryland requires a CPA review at $400,000–$999,999 and an audit at $1,000,000+ in charitable contributions, excluding government grants (Bus. Reg. § 6-402, as amended by SB 354, effective July 1, 2026). Virginia and DC set no statutory audit or review threshold for charitable registration. We help you determine the right engagement level and provide the required report.

    SSARS Engagements for Grantors

    Private foundations, community foundations, and corporate grant programs often require reviewed or compiled financial statements as part of grant applications. We provide SSARS-compliant review and compilation reports that meet standard grantor requirements and can be included in grant applications and reports to funders.

    Serving Businesses, Nonprofits & HOAs Across VA, MD & DC

    The DC metro area has thousands of organizations that need credible CPA-issued financial statements without the cost and time of a full audit.

    Northern Virginia (Fairfax, Loudoun, Prince William)

    Small businesses, HOAs, professional services firms, startups needing lender-ready financials

    Washington DC

    Smaller nonprofits, small businesses, advocacy organizations, faith-based nonprofits

    Montgomery County, MD

    Small businesses, HOAs, nonprofits, and biotech startups needing bank-grade financial statements

    Prince George's County, MD

    Community organizations, small businesses, HOAs, and minority-owned enterprises

    Baltimore Metro, MD

    Nonprofits, professional services firms, community organizations, and small manufacturers

    Richmond & Hampton Roads, VA

    Small businesses, franchisees, HOAs, and nonprofits across the Commonwealth

    The DC metro area has thousands of businesses and nonprofits that need credible CPA-issued financial statements but don't require a full audit. A SSARS review or compilation from Your Virtual CPA gives you the professional financial documentation you need — at a fraction of full audit cost — to satisfy your bank, grantor, or regulatory requirement.

    Related Services

    Small Business Audit

    Full audit when your lender or investor requires it.

    HOA Audit Services

    Full audit engagements for HOAs.

    Agreed-Upon Procedures

    Findings on specific items your lender or funder selects.

    Attestation Services

    AUPs, examinations, and SSAE 18 engagements.

    Church & Religious Org Audit

    Audits and reviews for faith communities.

    Nonprofit Audit (Single Audit)

    Full audit for nonprofits with federal funding.

    Free consultation

    Find out which engagement level you need.

    Review & Compilation FAQs

    Common questions from businesses, nonprofits, and HOAs about SSARS review and compilation engagements in Virginia, Maryland, and DC.

    A compilation presents management's financial data in financial statement format — no verification, no assurance. A review involves analytical procedures and inquiries — limited assurance. An audit involves extensive transaction testing — reasonable assurance and a formal opinion. Cost and time increase with each level: compilation < review < audit.

    A review is appropriate when your lender, grantor, state solicitation law, or franchise agreement accepts reviewed financials. Always confirm with your lender or regulator first — some require audits. We can review your specific requirement documents and advise on the right engagement level.

    Reviews and compilations cost significantly less than a full audit. Fees depend on size, complexity, years required, and the quality of your records. We are transparent and charge fair fees quoted upfront after a short call.

    A SSARS review includes: GAAP-format financial statements, analytical procedures comparing current vs. prior year, management inquiries about accounting policies and significant transactions, GAAP compliance review, and a review report with our limited assurance conclusion. We do not test individual transactions or confirm balances with third parties.

    Many community banks, credit unions, and regional lenders accept reviewed financials for commercial loans under $2M–$5M. Large national banks and SBA lenders often require audited statements above certain thresholds. Always confirm your lender's specific requirement before engaging us — we can help interpret their requirements.

    A compilation involves reading your financial statements for obvious errors, presenting the data in proper format, and issuing a compilation report. We do not verify information or provide assurance. Appropriate for internal reporting, HOA disclosures, or franchise reporting where the user does not need assurance.

    Virginia: HOAs with gross receipts over $250,000 require an annual independent CPA examination — which can be a review for associations without reserve fund shortfalls. Maryland: condo associations with 150+ units must have audited financials; smaller associations may use a review or compilation. We can advise on your association's specific requirement.

    Timing depends on the condition of your records, the complexity of your business and when your statements are due. A review and a compilation each involve less work than a full audit. We agree on a schedule with you before work starts. Contact us with your lender or grant deadline and we'll confirm whether it's achievable.

    Not Sure If You Need an Audit or a Review?

    Many businesses and nonprofits are paying for audits they don't need — or getting compilations when their lender requires a review. Your Virtual CPA helps you understand exactly what you need and delivers the right engagement at a competitive fixed price.

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    Serving businesses, nonprofits, and HOAs in Virginia, Maryland, Washington DC and other states.

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