Most organizations hire a CPA to issue financial statements that conform to U.S. Generally Accepted Accounting Principles (GAAP).
But not all financial statements are created equal. Owners can choose from three basic options, in order of decreasing assurance level: audits, reviews and compilations.
What's appropriate depends on the size of your organization, management's needs, regulatory requirements and stakeholder demands. During these turbulent times, it might be time for a company to upgrade (or downgrade) its level of assurance.