Much like a report card, financial statements offer a comprehensive view of a company's financial health.
The three most common financial statement reports are audits, reviews and compilations. Each report reveals a particular depth of the company's debt, expenses and cash flow. These financial reports often are used by banks, investors, suppliers and sometimes even clients and/or customers.
The main goal of these reports is to assess if the company is profitable, if the debt ratio is too high and to identify potential problems.
What are the differences between these three types of reports?