Financial Statement Audits & Assurance

Financials your bank, board, and investors don't have to take on faith.

B4Q performs independent audits, reviews, and compilations that give lenders, investors, boards, and grant funders the level of assurance they actually require — not more than you need, not less than they'll accept.

  • GAAS-compliant independent audits
  • Reviews & compilations too
  • Not to be confused with SOC audits
Audits Reviews Compilations Internal Controls
Independent
Assurance, Right-Sized
0Years of Experience
0Satisfied Clients
0Levels of Assurance Offered
0Client Retention Rate
Why It Matters

Someone else has to believe your numbers too.

A bank underwriting a loan, an investor evaluating a deal, a board reviewing performance, or a grant funder confirming compliance — none of them can just take your word for your financial statements. They need independent assurance, at a level appropriate to the stakes involved.

Not every situation calls for a full audit. B4Q scopes the right level — audit, review, or compilation — so you're not paying for more assurance than your bank covenant or bylaws actually require.

  • 01 Satisfies lender covenants and investor due diligence requirements.
  • 02 Strengthens internal controls as a byproduct of the process.
  • 03 Scoped to what's actually required, not the most expensive option.
 CompilationReviewAudit
Assurance levelNoneLimitedReasonable
ProceduresCompile onlyAnalytics & inquiryFull testing
Third-party confirmationsNoNoYes
Typical useInternal useBank loansInvestors, grants
The Service

Four engagement types. One audit team.

Whichever level of assurance your stakeholders require, it's performed by the same team that knows your business.

ENGAGEMENT 01

Financial Statement Audits

Full independent examination providing reasonable assurance for investors, lenders, and boards.

ENGAGEMENT 02

Reviews & Compilations

Lighter-touch assurance sized for bank covenants and internal reporting needs.

ENGAGEMENT 03

Employee Benefit Plan Audits

ERISA-required audits for 401(k) and other qualifying employee benefit plans.

ENGAGEMENT 04

Single Audits

Uniform Guidance audits required for organizations expending federal award funds.

Choosing the Right Engagement

Three levels of assurance. Only one costs what you think.

Most businesses default to assuming they need a full audit. Often, a review or compilation satisfies the actual requirement at a fraction of the time and cost.

No assurance provided

Compilation

We compile your financial statements from data you provide, presenting them in proper form without expressing any assurance on their accuracy.

FastestTimeline
NoneAssurance level
InternalTypical audience
  • Fastest and least expensive option
  • Suitable for internal management use
  • Rarely accepted for bank or investor purposes
Assurance level
Procedures performed
Time & cost
Limited assurance

Review

We perform analytical procedures and inquiries to obtain limited assurance that no material modifications are needed to the financial statements.

ModerateTimeline
LimitedAssurance level
LendersTypical audience
  • Commonly required for bank loan covenants
  • Faster and less costly than a full audit
  • No third-party confirmations or physical testing
Assurance level
Procedures performed
Time & cost
Reasonable assurance

Audit

The highest level of assurance — full testing, third-party confirmations, and evaluation of internal controls, performed in accordance with GAAS.

LongestTimeline
ReasonableAssurance level
Investors, grantsTypical audience
  • The level most investors and grant funders require
  • Includes internal controls evaluation
  • An independent opinion, not just a compiled report
Assurance level
Procedures performed
Time & cost
How We Work

From scoping to a report your stakeholders trust.

The same disciplined process regardless of which level of assurance the engagement calls for.

01

Engagement Scoping & Planning

We confirm which level of assurance your lender, investor, or bylaws actually require before starting fieldwork.

02

Risk Assessment

We identify where a material misstatement is most likely, so testing focuses where it actually matters.

03

Fieldwork & Testing

Transactions, balances, and supporting documentation are tested against the evidence standard for the engagement type.

04

Internal Controls Evaluation

For audits, we evaluate the controls surrounding your financial reporting process as part of the engagement.

05

Draft Statements & Disclosures

Financial statements and footnote disclosures are drafted and reviewed with you before anything is finalized.

06

Report Issuance & Presentation

We issue the final report and walk your board or leadership team through the results directly.

What We Often Find

The hidden cost of skipping independent assurance.

None of these show up as one dramatic failure — they surface quietly, usually at the worst possible moment in a deal or renewal.

General patterns we see across engagements, not a specific client's results.
01

Loan covenant surprises

A bank discovers unaudited financials don't satisfy a covenant well into the loan relationship, not before it.

02

Investor due diligence delays

A funding round stalls because financials weren't independently reviewed before diligence began.

03

Missed control weaknesses

Internal control gaps go unnoticed for years because nothing has ever tested them independently.

04

Grant compliance risk

An organization expends federal award funds without realizing a Single Audit was already required.

Why B4Q

An audit team that scopes for your situation, not the biggest invoice.

We tell you honestly which level of assurance you actually need before we tell you what it costs.

Right-Sized Scoping

We confirm what your bank or investor actually requires before recommending an engagement level.

GAAS-Compliant Fieldwork

Every audit follows Generally Accepted Auditing Standards, not a shortcut process.

Books-to-Report, Coordinated

Paired with our bookkeeping service, fieldwork starts from records that are already reconciled.

Board-Ready Presentation

We present results directly to your board or leadership team, not just deliver a PDF.

50+ Businesses Served

Across for-profit, nonprofit, and employee benefit plan engagements.

96% Client Retention

Clients return year after year for the same reliable engagement team.

Questions

Auditing & assurance, answered.

Is this the same as your SOC 1, SOC 2, or SOC 3 services?
No — SOC audits evaluate controls over financial reporting, security, or data privacy at a service organization. This service covers traditional financial statement audits, reviews, and compilations that assess whether your financial statements themselves are fairly presented. Some businesses need both.
Do we need a full audit, or would a review satisfy our requirement?
It depends on who's asking and why. Many bank loan covenants only require a review, while investors and grant funders more often require a full audit. We confirm the actual requirement with your lender, investor, or bylaws before recommending an engagement level.
What's a Single Audit, and do we need one?
A Single Audit under Uniform Guidance is required for nonprofits and governments that expend $1,000,000 or more in federal award funds in a fiscal year. We assess your federal funding level to determine whether this applies.
Why do 401(k) plans need a separate audit?
ERISA requires an independent audit for employee benefit plans with 100 or more eligible participants, to protect plan participants and confirm the plan is administered correctly. We handle these as a distinct engagement type.
How long does an audit take?
Timelines vary by entity size and complexity, but most audits run several weeks from fieldwork through final report. Reviews and compilations are typically faster, since they involve less extensive testing.

Ready for financials your stakeholders don't have to question?

Book a free strategy call and we'll confirm which level of assurance you actually need.