Differences in a CPA 's Responsibilities Public companies are required to have annual audits and interim reviews of their first three quarters . Nonpublic companies that have their annual financial statements audited also may choose to have interim reviews . Nonpublic companies not required to have an audit may instead choose to have a review of their financial statements . CONCEPT REVIEW : Interim reviews under standards of the PCAOB and the Auditing Standards Board are both very similar to reviews performed under the SSARS . 1 . Public companies are required to have _____audits and interim reviews . annual 2 . Nonpublic companies _ _ _ __choose to have interim reviews . may 3 . SSARS reviews are performed on clients that ______ an annual audit . do not need