Financial Statement Audits & Reviews: Utah & Nationwide

Professional CPA Audits for Businesses and Nonprofits

CMP provides expert financial statement audit services for privately held companies and nonprofits. While our roots are in Logan, Layton, and St. George, we serve clients across the Mountain West and nationwide. Our CPAs deliver the high-level assurance required by lenders and investors using secure, virtual audit technology that ensures compliance no matter where you are located.

Our team is happy to correspond with a lender/banker or other third parties to help determine exactly what they are requesting/requiring and which level of service will meet your company’s needs. Then, we will work with you and your team, walking you through the steps to complete the engagement. Our team has established processes and procedures to perform each engagement efficiently and effectively. We pride ourselves on having a knowledgeable team with experience in various industries. Our team has the necessary skills and experience to provide clients with helpful recommendations after each engagement. Our ultimate goals are to get you what you need when you need it, whether that be CPA-audited financial statements or something else, and for our services to be of value to you.

In business, we often need the assistance of outside stakeholders to keep what we earn. Whether those assisting are stockholders, creditors, or private investors, they need assurance that the company’s financial statements accurately represent its true fiscal position.

To provide that assurance, we offer an array of financial statement services. Our services are tailored to meet your needs and the needs of your stakeholders, whether it’s CPA-compiled financial statements or a full set of CPA-audited financial statements.

CMP works around our schedule and deadlines, puts our needs before their own, and is willing to bend over backwards for us to make it all work out.

Whenever possible, they assign the same people to our audit each year. This saves me time and energy, because I don’t have to bring someone up to speed on the workings of our company year after year after year. I’ve found this to be invaluable.

Their knowledge & expertise, general demeanor, and willingness to put our needs and schedules above their own make our annual audit a pleasure, rather than a chore.

Charlotte Cantwell
Utah Festival Opera & Musical Theatre

Our Financial Audit & Review Services

Financial Statement Preparation

No formal report is issued on the financial statements. This type of financial statement service is typically performed in conjunction with bookkeeping or transaction processing services and is similar to what an in-house accountant would provide to management. Financial statements are typically for management’s use but may also meet some lenders’ documentation requirements for small loans.
Compiled Financial Statements

No assurance is provided in the accountant’s report as to whether the financial statements are presented in accordance with the accounting framework used (commonly, Generally Accepted Accounting Principles (GAAP) or income tax basis of accounting); however, known departures from the accounting framework require a modification to the accountant’s report. Accountants are required to obtain knowledge of the accounting principles and practices of the client’s industry and a general understanding of the client’s business. Note disclosures to the financial statements may be omitted, and the accountant does not have to be independent of the client, but a lack of independence must be disclosed in the accountant’s report. The client must sign an engagement letter as written communication of the services to be performed.

A compilation would typically be appropriate when lenders and other outside parties may appreciate the business associating with a CPA without requiring a level of assurance, and when initial or lower amounts of financing or credit are sought, or significant collateral is in place.
Financial Statement Review

Limited assurance is provided in the accountant’s report as to whether the financial statements are presented in accordance with the accounting framework used and whether known departures from the accounting framework require a modification to the accountant’s report. Accountants are required to obtain the same knowledge of the client’s industry and business as in a compilation, but are also required to obtain an increased understanding of the client’s business. Inquiries and analytical procedures are required, as well as additional procedures if questions arise during the review. Note that disclosures of financial statements are required, and accountants must be independent of the client. The client must sign an engagement letter and a management representation letter.

A review would typically be appropriate when lenders and other external parties seek a basic level of assurance, and as a business grows and seeks larger, more complex financing and credit. Read this blog post to understand the difference between an audit vs review, vs complilation.
Auditing of Financial Statements

An auditor’s opinion is provided stating that the financial statements are fairly presented in accordance with the accounting framework used, and inadequate disclosure and/or departures from the accounting framework require a modification of the auditor’s opinion. The auditor must obtain extensive knowledge of the economy, the relevant industry, and the client’s business. Inquiry, analytical procedures, understanding internal control, risk assessment, and other audit procedures are required. Accountants must be independent in performing an audit of financial statements. An engagement letter and management representation letter must be signed by the client.

An audit would typically be appropriate when lenders and other outside parties request a high level of comfort on the accuracy of the financial statements, when businesses are seeking high levels of funding or outside investors, or when selling a business.

We currently perform audits for the following types of entities:

Privately-held businesses
Nonprofit organizations
401(k) profit sharing and defined benefit plans (ERISA audits)
Captive Insurance

Financial Audits & Reviews FAQ

Do you provide audit and review services for businesses outside of Utah?

Yes. While our physical offices are in Utah, we provide financial statement audits and reviews to businesses and nonprofits nationwide. We use secure, encrypted cloud technology for remote fieldwork, enabling us to efficiently serve clients across the U.S.

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

An audit provides the highest level of assurance through in-depth testing and internal control assessment, whereas a review provides limited assurance primarily through inquiry and analytical procedures. We can work with your lender or board to determine which level of service best meets your requirements.

Do I need to be in Utah to work with your audit team?

No. Our audit and assurance services are designed to be “borderless.” We work with companies nationwide using virtual meetings and secure portals for document sharing, providing the same high-quality oversight as an on-site visit without the travel costs.

What types of organizations do you audit?

We perform audits for a diverse range of entities, including privately-held businesses, nonprofit organizations, and employee benefit plans (ERISA audits). Our team has experience across various industries, enabling us to understand the specific compliance needs of your sector.

Can you help us transition from a compilation to a full audit?

Yes. As businesses grow and seek larger financing, they often need to move to a higher level of assurance. We guide management through the transition process, helping you prepare your documentation and internal controls for a smooth first-time audit or review.

How long does a typical financial statement audit take to complete?

Timeline varies based on the complexity of the organization, but most audits take between 4 to 8 weeks from the start of fieldwork to the issuance of the final report. We pride ourselves on maintaining clear communication to ensure we hit your internal or lender-mandated deadlines.

Serving the Mountain West from our Logan, Layton, and St. George Offices

While many accounting firms are consolidating into large, impersonal corporations, we believe that local presence matters. Our offices in Logan, Layton, and St. George are more than just addresses on a map. They are hubs of technical expertise staffed by professionals who understand the unique economic landscape of the Mountain West.

Whether you are a growing business in Northern Utah or a nonprofit in the southern part of the state, you have access to a partner who can meet you face-to-face. We combine this regional presence with the deep resources typically found at national firms. This gives you the best of both worlds: high-level audit sophistication with the responsiveness of a neighbor.

Specialized Remote Audit Capabilities for Clients Nationwide

You don’t need to be in Utah to benefit from our assurance expertise. We have spent years refining a secure, paperless audit process that allows us to serve organizations across the United States without requiring a single mile of travel.

By leveraging cloud-based document portals and virtual fieldwork procedures, we provide audits and reviews that are as thorough as an on-site visit but far more efficient. This remote-ready approach offers several distinct advantages.

No Geographic Friction. We work on your timeline, regardless of your time zone.
Security First. Your sensitive financial data is handled through encrypted, industry-leading platforms.
Operational Efficiency. We eliminate travel expenses and the disruption of having an audit team in your physical office.

From coast to coast, we provide the credibility and precision your stakeholders demand. We deliver it all through a modern, virtual experience that keeps your business moving forward.