This Tip Sheet will discuss DCAMM requirements for financial statements.
Three Types of CPA Financial Statements
The three levels of financial statement services offered by CPAs are: Audits, Reviews and Compilations. Audits require the highest level of scrutiny and service. Reviews require a mid-range level of scrutiny and service. Compilations require the least amount of scrutiny and service.
Three Types of DCAMM Applications and Financial Statement Requirements
Prime Applications
Audited or Reviewed Financial Statements are required for Prime Certification. Compiled Financials are not acceptable.
Small Prime Applications
Compiled Financial Statements are all that is required for Small Prime applications. Audited or Reviewed are also acceptable.
Filed Sub-Bidder Applications
Compiled Financial Statements are all that is required for Filed Sub-Bidder applications. Audited or Reviewed are also acceptable.