What’s the difference between compiled, reviewed, and audited financial statements?

Compiled: A CPA organizes your financial data into statements without providing assurance. Best suited for businesses that need financials on file but don't require third-party verification. Reviewed: Limited CPA procedures are performed, inquiry and analytical review, to determine whether the statements need modification. More involved than a compilation, and typically the minimum requirement for lenders or licensing bodies asking for a level of assurance. Audited: The highest level of assurance. Ideal for businesses over $3M in revenue, or those with lenders or investors requiring a full audit. Deliverables include White Olive CPA's audited financials, an internal control assessment, and compliance verification. This level requires full access to accounts, internal controls, payroll, and project costing, and involves the deepest testing and verification of the three.

How long does the audit process take?

Turnaround depends on the type of engagement. As a general estimate: compiled statements typically take about 1 to 2 weeks, reviewed statements about 2 to 4 weeks, and a full audit about 4 to 8 weeks, depending on how quickly your records are ready. We'll confirm a specific timeline after the initial consultation.

Can you work with my bonding company or bank directly?

Yes. We can work directly with your bonding company or bank on your behalf, whether that's submitting reports, answering their questions, or coordinating on approval requirements. We'll stay in contact with them throughout the process so you're not stuck relaying information back and forth.

Do you only serve contractors?

No. While many of our audit clients are Tennessee contractors, we also provide assurance services for small businesses and organizations across Franklin, Brentwood, Spring Hill, and Nashville.

Audit & Assurance Services For Your Business

White Olive CPA Provides Audit & Assurance Services for Businesses in Tennessee

When it comes to financial reporting, accuracy isn’t optional — it’s the foundation of trust. Our Audit & Assurance services give you reliable, independent insight into your business’s financial position so you can move forward with confidence.

Request an Audit Service Now

or Talk to a CPA (833) 820-2255 ext 700

Hand holding a pen over financial charts on a clipboard at a desk

Why Audit & Assurance Services Matter

Receive Financial Data That You Can Trust

Stay Compliant → Meet Tennessee licensing and bonding requirements.

Build Trust → Provide assurance to banks, bonding companies, and investors.

Save Time → Get CPA-prepared reports done correctly the first time.

Local Expertise → Serving businesses in Franklin, Brentwood, Spring Hill, and Nashville.

What Our Clients Are Saying - 40 + 5 star reviews on Google

"Professional, fast, nice. I've tried working with several other individuals and firms, only to have response times too slow. White Olive always got back to me quickly and worked fast to help with whatever issues I was facing."

★★★★★

D.T. Lumpkin

"Rapid response to my initial enquiry. Thorough questioning to determine our needs. Timely proposal.

Realistic valuation of services."

★★★★★

Tom Henry

"A very professionally run business, I highly recommend it to anyone in the community of Franklin or in close proximity."

★★★★★

Brady Ingram

Our Audit and Assurance Process: Get It Done Right

Here’s What to Expect When You Partner with White Olive CPA

Step 1: Initial Consultation and Document Review

We start with a consultation to understand your goals, whether it’s license renewal, bonding approval, or investor reporting. We gather the required financial documents and outline next steps.

Step 2: Statement Preparation & Analysis

Our CPA team prepares compiled, reviewed, or audited financial statements based on your needs. We ensure accuracy, compliance, and board-ready formatting.

Step 3: Delivery & Ongoing Support

You’ll receive your completed financial statements quickly and with full CPA assurance. We’re available to assist with board submissions, bonding companies, or banks to keep your business moving forward.

What's Included in Your Compilation, Review, or Audit Report

Two coworkers reviewing charts and documents at a desk with a laptop in a bright office

"Completed financial statements" and "CPA assurance" cover the basics, but here's what that actually includes.

Every engagement, whether a compilation, review, or audit, results in a set of financial statements along with a report reflecting our professional opinion on whether those statements materially represent what's going on with your company. The level of assurance behind that opinion depends on which engagement you choose.

For audits specifically, that includes:

An auditor's opinion
Reviewed financial statements
A management letter
Internal control recommendations
A findings report

Audit clients get the highest level of assurance we provide. We test your financial statements directly, and you get an outside, independent opinion along with personal service from our team. We take a team approach so you get thorough work at a reasonable fee.

Led By Real Audit Expertise

Your audit and assurance engagement is overseen by Wynne Baker, CPA, who brings more than 40 years of experience to every engagement, including three decades leading a Financial Institutions Practice. Wynne holds credentials as a Certified Public Accountant, Chartered Bank Auditor, and Certified Financial Services Auditor, and is Certified in Financial Forensics. He is also a Registered Qualified Peer Reviewer for the AICPA and has served as an expert witness in CPA and firm litigation cases. That depth of experience is what stands behind every financial statement this team prepares.

Audit and Review Pricing for Franklin, Brentwood, and

Nashville Businesses

Magnifying glass over financial charts with pills, suggesting analysis of medicine costs

Every engagement is scoped to your business, but as a starting point for businesses in Franklin, Brentwood, Nashville, Columbia, Spring Hill, and Murfreesboro working with White Olive CPA:

Financial statement reviews start at $1,500

Financial statement audits start at $10,000

Final pricing depends on the size and complexity of your business. Book a free consultation and we'll walk through your situation and give you a clear quote.

Industry-Focused Audit & Assurance Services

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We provide industry-specific audit and assurance services designed to meet complex regulatory, financial reporting, and operational requirements. Our approach integrates GAAP, GAAS, PCAOB, and industry-specific standards, delivering actionable insight and independent assurance.

Construction: WIP schedules, AIA billing, lien waiver verification, financial statement reviews and audits.
Nonprofits: Federal and state grant compliance audits, form 990 reporting, Single Audit (Uniform Guidance), and internal control testing.
Real Estate: Lease accounting (ASC 842), escrow and trust account audits, investor reporting and audit readiness.
Healthcare: Financial reconciliations, internal controls assessment, revenue cycle, and payer compliance audits.
SaaS & Technology: ASC 606 compliance, ICFR reporting, revenue recognition, investor due diligence and audits.
Financial Institutions: Ensure adherence to FFIEC, OCC, FDIC, and NCUA guidelines. Loan and portfolio credit risk reviews, testing SOX compliance, and provide capital adequacy & stress testing support.
Other Industries: Manufacturing, Professional Services, Government Contractors, and more! FAR compliance and internal controls (COSO, ISO, etc)

Request an Audit Service Now

Talk to a CPA (833) 820-2255 ext 700

White Olive CPA has extensive experience helping Tennessee contractors and business owners prepare financial statements that meet strict requirements. With CPA-backed assurance, you get more than numbers on a page—you get compliance, credibility, and confidence.

Frequently Asked Questions

What’s the difference between compiled, reviewed, and audited financial statements?

Compiled: A CPA organizes your financial data into statements without providing assurance. Best suited for businesses that need financials on file but don't require third-party verification.

Reviewed: Limited CPA procedures are performed, inquiry and analytical review, to determine whether the statements need modification. More involved than a compilation, and typically the minimum requirement for lenders or licensing bodies asking for a level of assurance.

Audited: The highest level of assurance. Ideal for businesses over $3M in revenue, or those with lenders or investors requiring a full audit. Deliverables include White Olive CPA's audited financials, an internal control assessment, and compliance verification. This level requires full access to accounts, internal controls, payroll, and project costing, and involves the deepest testing and verification of the three.
How long does the audit process take?

Turnaround depends on the type of engagement. As a general estimate: compiled statements typically take about 1 to 2 weeks, reviewed statements about 2 to 4 weeks, and a full audit about 4 to 8 weeks, depending on how quickly your records are ready. We'll confirm a specific timeline after the initial consultation.
Can you work with my bonding company or bank directly?

Yes. We can work directly with your bonding company or bank on your behalf, whether that's submitting reports, answering their questions, or coordinating on approval requirements. We'll stay in contact with them throughout the process so you're not stuck relaying information back and forth.
Do you only serve contractors?

No. While many of our audit clients are Tennessee contractors, we also provide assurance services for small businesses and organizations across Franklin, Brentwood, Spring Hill, and Nashville.

Why Clients Choose Us

CPA-Led Engagements – Every audit is directed by licensed U.S. CPAs
Proven Process – Streamlined workflows for better efficiency
Scalable Expertise – Onshore leadership with carefully vetted resources
Transparent Pricing – Fixed fees with no hidden surprises

Strategic Approach Based on Best Practices

We adopt industry standards practiced by globally recognized firms:

Use of CAAT (Computer-Assisted Audit Tools) to analyze full data sets for anomalies, not just samples
Benchmark KPIs like lead time to audit completion, number of open PBC items, and control remediation effectiveness—demonstrating performance at every phase.
Thought leadership emphasis via resources, client insights, and actionable audit intelligence—similar to what top CPA firms like EY, BDO, and CohnReznick offer.

Providing Audits & Assurance for Middle Tennessee Businesses

White Olive CPA is based in Franklin Tennessee and proudly serves clients in:

Franklin
Columbia
Brentwood
Nashville
Spring Hill
Murfreesboro
Surrounding areas

Whether this is your first audit or part of an investor review, we make the process clear, efficient, and confidence-building.

Request an Audit Service Now

or Talk to a CPA (833) 820-2255 ext 700

Office Locations:

Franklin, TN
Shreveport, LA

Based in Franklin TN

(833) 820-2255

Audit & Assurance Services For Your Business

White Olive CPA Provides Audit & Assurance Services for Businesses in Tennessee

Why Audit & Assurance Services Matter

Local Expertise → Serving businesses in Franklin, Brentwood, Spring Hill, and Nashville.