Compiled, reviewed and audited financial statements for lenders

Ask what level the lender expects

SBA ranks audited, reviewed and CPA-compiled statements ahead of corporate tax returns in its reporting hierarchy. The highest available level matters in its 504 credit analysis. Ask the loan officer to specify the required engagement and period in writing so a prepared report is not mistaken for a different service.

Sources: SBA SOP 50 10 8.1 (effective October 1, 2026)

Recognize program-specific document requirements

SBA CAPLines guidance accepts borrower-prepared statements and returns at $1,000,000 or less, and calls for compiled, reviewed or audited statements and returns above that amount. This is a particular program rule. It does not establish the documentation every bank or loan product will request.

Sources: SBA SOP 50 10 8.1 (effective October 1, 2026)

Keep interim results current and clearly labeled

Standard 7(a) analysis uses historical financial information plus an interim statement. As practical preparation, reconcile accounts and label the period and basis on internal reports. Identify unresolved balances before delivery so the lender and CPA can judge whether further work is needed.

Sources: SBA SOP 50 10 8.1 (effective October 1, 2026)

Separate bookkeeping preparation from CPA engagement

SBA distinguishes a bookkeeper’s day-to-day work from CPA services. Tidwell organizes the ledger and internal reports; discuss compilation, review or audit requests with a CPA firm. Agree on who supplies schedules, who answers accounting questions and who issues the final requested report.

Sources: SBA - Manage your business

Sources: ask what level the lender expects

• SBA SOP 50 10 8.1 (effective October 1, 2026)
• SBA - Manage your business