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Audits, Reviews, & Compilations of a Specified Element

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The differences between an audit, a review, and a compilation are described under each respectively labeled section. This type of engagement is different because it does not involve the entire financial statement but allows the client to define a "specified element or elements" to be examined and reported on. An example of this would be "Cash" and/or "Contribution Income."

An Audit of a Specified Element is particularly useful for many organizations because it can be given to a lending institution or third party just like an audit, providing the assurance of an audit without the cost. The Organization can target the account(s) most important to them to be audited. It also includes a review of internal controls, which many organizations find extremely helpful.

Cynthia Cox has performed the annual financial audit for Metropolitan Baptist Church for the past nine years. As Finance Manager for the church, I have had the pleasure of providing her financial information to complete her task for the past six years. She has shown herself to be a thoroughly professional individual; her integrity is above reproach. In working on the audit, Mrs. Cox has gone above and beyond her job in helping us set procedures to ensure the church staff members perform their duties in compliance with IRS guidelines. While this is not necessarily part of the audit process, it has been extremely valuable. Mrs. Cox knows all aspects in the church business arena and is adept at passing that information on as needed. I hope to work with Mrs. Cox for many years to come. - Jean Bellow, Finance Manager Metropolitan Baptist Church, Houston, TX