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Accounting & Auditing

Through our Audit Services area, we work with medical and dental practices on multiple levels. These areas include:

  • Reviews: The first level of service which provides limited assurance that no material modifications need to be made to financial statements
  • Compilations: The next level of service that does not include an opinion or assurance of financial statements
  • Agreed-Upon Procedures: This is provided when an audit, review or compilation is not necessary

Below is a more detailed description of each level of service we provide:


Why Performed:

The objective of a review is to obtain limited assurance that there are no material modifications that should be made to the financial statements. A review is typically performed because outside third parties or investors are looking for some comfort that the financial statements are not materially misstated, but do not require audited statements.

Standards Met:

A review is conducted in accordance with Statements on Standards for Accounting and Review Services (SSARS) issued by the AICPA and consists primarily of inquiries of company personnel and analytical procedures applied to financial data.

Work Process:

A review is significantly less in scope than an audit in accordance with GAAS and only provides limited assurance that there are no material modifications that should be made to the financial statements. There is no expression of an opinion on the financial statements taken as a whole.


Why Performed:

A compilation is typically performed when a higher level of service on the financial statements is not required by outside parties or others.

Standards Met:

A compilation must comply with SSARS and requires the accountant to have an understanding of the client’s industry, obtain knowledge about the client, read the financial statements and consider whether such financial statements appear appropriate in form and free from obvious material errors.

Work Process:

In a compilation, the accountant assists management in presenting financial information in the form of financial statements without providing any assurance that there are no material modifications that should be made to the financial statements. It does not contemplate any of the procedures ordinarily performed in an audit or a review. A compilation is limited to presenting in the form of financial statements information that is the representation of management. There is no expression of an opinion or any other form of assurance on the financial statements. 

Agreed-Upon Procedures

If your organization has a reporting need outside the scope of an audit, review or compilation, an agreed-upon procedures (AUP) engagement may be an effective alternative.

Why Performed:

An AUP engagement is typically performed when the specified parties can agree upon the procedures needed to meet their needs, and those parties do not require the expression of an opinion or any other form of assurance on the subject matter or financial statements. Examples might include procedures to test the existence or quality of loan collateral, due diligence procedures for a potential acquisition or calculation of return statistics on an investment.

Standards Met:

An AUP engagement is performed in accordance with attestation standards (SSAE) established by the AICPA.

Work Process:

In an AUP engagement, the parties agree upon the specific procedures to be performed by the accountant and the accountant reports back on the results of those procedures. The sufficiency of the procedures is solely the responsibility of the parties specified in the report, and the accountant makes no representation regarding the sufficiency of the procedures for purpose of the report or for any other purpose. Agreed-upon procedures do not constitute an examination under SSAE and no opinion is expressed on the subject matter.

Contact our Medical and Dental Services Team for more information:



Advisors | Auditors | Consultants | CPAs – BlumShapiro is one of the premier Healthcare CPA firms in New England and a Top 100 CPA Firm in the U.S. Our professionals serve medical and dental practices, hospitals, skilled nursing and long term care facilities in Boston (MA), Hartford (CT), Cranston (RI), Shelton (CT), Quincy (MA) and Newton (MA) with audit, tax and business consulting services. We are members of the Association of Long Term Care Managers, Connecticut Assisted Living Association, Healthcare Financial Management Association and the Rhode Island Healthcare Association.