Services
Financial Statement Review Services
for DFW Businesses
At Parr & Ibarra CPA, review engagements are performed by P&I CPA PC in accordance with Statements on Standards for Accounting and Review Services (SSARS). We serve small to midsize businesses, professional service firms, and growing organizations throughout Hurst, Keller, Grapevine, Addison, and the broader Dallas-Fort Worth area.
* Audits are performed by P&I CPA PC
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A Structured Path to Compliance
What a Financial Statement Review Involves
A review is not an audit. We do not test individual transactions, confirm balances with third parties, or evaluate the design of your internal controls. What we do is apply analytical procedures to your financial data and make inquiries of management — and based on those procedures, issue a conclusion on whether anything came to our attention indicating the financial statements are not in accordance with the applicable accounting framework.
Analytical Procedures
We compare your financial data across periods and against industry benchmarks to identify anything that appears unusual, inconsistent, or unexplained. Significant fluctuations prompt follow-up inquiries before the review is complete.
Management Inquiries
We ask management to explain significant transactions, changes in accounting policies, and unusual items identified during analytical procedures. These inquiries are a core part of the review process and help us understand the underlying activity behind the numbers.
Review Report
Our review report states that we are not aware of any material modifications that should be made to the financial statements in order for them to be in accordance with the applicable accounting framework. This is limited assurance — not an audit opinion — and the report makes this distinction clear.
How a Review Differs From an Audit
The primary differences are the level of assurance provided, the procedures performed, and the cost.
A review provides limited assurance — we conclude that nothing came to our attention indicating material misstatement. An audit provides reasonable assurance — we express a positive opinion on whether the statements are fairly presented.
A review involves analytical procedures and management inquiries. An audit involves transaction testing, third-party confirmations, and evaluation of internal controls.
A review typically costs 40 to 60 percent of the equivalent audit fee and involves significantly less disruption to your team’s daily operations.
If you are not sure which engagement your lender, investor, or franchisor requires, we recommend confirming the specific requirement before engaging. We can help you read and interpret the reporting requirement if needed.
Who Uses Financial Statement Reviews
Businesses with bank financing requirements — Many lenders require reviewed financial statements for business loans and lines of credit in the $500,000 to $5 million range. A review satisfies most lender requirements at a fraction of the cost of a full audit.
Franchisees with annual reporting obligations — Franchise agreements frequently require reviewed financial statements annually. A review satisfies those requirements efficiently.
Businesses with investor or partner reporting needs — Private investors, minority partners, and joint venture partners sometimes require reviewed financial statements as a condition of their investment or participation.
Organizations preparing for eventual audit requirements — A review builds a track record of externally prepared financial statements and surfaces any issues that should be addressed before a full audit is required as the organization grows.
Businesses that do not require an audit but want independent validation — For many DFW business owners, a review provides meaningful external credibility at a cost that makes sense for the size of the organization.
How Our Review Process Works
1. Engagement and Planning
We confirm the engagement scope, the applicable accounting framework, and any specific reporting requirements from your lender, investor, or franchisor before work begins.
2. Analytical Procedures
We analyze your financial data — comparing periods, calculating ratios, and assessing trends — to identify anything that warrants further inquiry.
3. Management Inquiries
We discuss significant items, unusual transactions, and analytical findings with management to understand the underlying activity and confirm our understanding of the financial statements.
4. Review Report
We issue a formal review report in accordance with SSARS standards. The report is addressed to the appropriate party — management, ownership, or the requesting lender or investor.
5. Communication of Findings
We communicate any significant matters identified during the review to management. Unlike an audit, we do not issue a separate management letter, but we discuss meaningful observations directly with the appropriate members of your team.
We serve clients throughout Hurst, Keller, Grapevine, Addison, and the broader DFW area. Review engagements can be structured to satisfy specific lender or investor requirements — contact us to confirm that a review will satisfy your particular situation before engaging.
The Parr & Ibarra Difference
Why Clients Should Use Our Firm in 2026
How long does a financial statement review take?
Most reviews are completed within three to five weeks from the start of fieldwork, assuming your records are current and reconciled. Disorganized or incomplete records extend the timeline and add cost. Preparing organized, reconciled financial records before we begin is the single most effective way to keep the engagement on schedule.
How much does a financial statement review cost?
Review fees are typically 40 to 60 percent of the equivalent audit fee for the same organization. For most DFW small to midsize businesses, review fees range from $3,500 to $12,000 depending on size and complexity. We discuss fee expectations before any engagement begins.
Will a review satisfy my lender's requirements?
It depends on the specific requirement. Many commercial lenders accept reviewed financial statements for credit facilities up to $5 million or $10 million. Some lenders require audits regardless of loan size. We recommend confirming the specific requirement with your lender before engaging — and we can help you read and interpret the requirement if needed.
Can a review identify fraud or financial errors?
A review is not designed to detect fraud. Our analytical procedures and management inquiries may surface indicators of potential issues, but a review does not provide the same level of scrutiny as an audit. If fraud detection or investigation is a concern, a full audit or a separate forensic engagement is more appropriate.
What is the difference between a review and a compilation?
A review includes analytical procedures and management inquiries and provides limited assurance. A compilation organizes your financial information into a standard format and provides no assurance. A review costs more than a compilation but provides a higher level of external credibility. The right choice depends on what your stakeholders require.
Contact Us
Ready to Discuss a Review Engagement?
Parr & Ibarra CPA serves businesses and organizations throughout Hurst, Keller, Grapevine, Addison, and the broader DFW area. Contact us to discuss your review requirements and confirm the engagement will satisfy your specific reporting obligations.
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