Quarterly reviews
SESGLO reviews the interim financial statements in your Form 10-Q under PCAOB AS 4105, so they are reviewed before filing as Regulation S-X Rule 10-01(d) requires. Each quarter runs on a written, fixed-fee plan tied to your 40- or 45-day deadline.
Every company that files a quarterly report on Form 10-Q needs an independent accountant's review before it files. Rule 10-01(d) of Regulation S-X says the interim financial statements "must be reviewed" before filing, using the applicable professional standards. We work with:
| Filer status | Form 10-Q due | NT 10-Q extension |
|---|---|---|
| Large accelerated and accelerated filers | 40 days after quarter-end | Up to 5 calendar days |
| All other registrants (non-accelerated filers) | 45 days after quarter-end | Up to 5 calendar days |
Sources: Form 10-Q, General Instruction A, and Exchange Act Rule 12b-25. No 10-Q is filed for the fourth quarter, which the annual report on Form 10-K covers.
AS 4105, Reviews of Interim Financial Information, sets out the procedures. Each quarter we:
A review is not an audit. AS 4105 states that it "does not provide a basis for expressing an opinion." It does not include the tests of details, confirmations or physical observation that an audit may use. Nor is it designed to identify going-concern problems, although we follow up on any we notice. If the review is completed, our report states whether we are aware of any material modifications needed for the statements to conform with the applicable financial reporting framework.
If we believe the interim statements need material changes and management does not respond appropriately, AS 4105 requires us to tell the audit committee as soon as practicable, and before the 10-Q is filed. We also report significant deficiencies and material weaknesses in internal control that we identify. An incomplete review cannot support a review report. If the review cannot be finished before the deadline, Rule 12b-25(c) requires the accountant's statement explaining why to be attached to the NT 10-Q.
When the same firm performs the reviews and the audit, each quarter's findings feed into year-end planning: new contracts, equity issuances, impairment indicators and changes in estimates. Smaller reporting companies present interim statements under Rule 8-03 of Regulation S-X, and we align the review with that format.
Note: In May 2026 the SEC proposed optional semiannual reporting on a new Form 10-S. It also proposed a filer-status overhaul that would give the smallest non-accelerated filers five extra days for Form 10-Q. Both were still proposals when this page was last reviewed. The current 40- and 45-day deadlines and quarterly reviews still apply.
This is an illustrative plan for a non-accelerated filer with a 45-day deadline. Your actual dates will be confirmed in your written proposal.
We discuss new transactions, financings and accounting questions, and confirm the document list and dates.
Your team closes the books and prepares the draft financial statements.
Analytical procedures, inquiries, reading of minutes and reconciliation to the accounting records.
We read the full 10-Q draft, resolve open items and communicate with the audit committee.
Management representation letter, review completed, and a buffer before the filing deadline.
Quarterly reviews are priced as part of a fixed fee agreed in writing. The main factors are:
See how we price.
The signing partner is involved from planning to completion of each review, not only at year-end.
The proposal sets out week-by-week dates for each quarter and a fixed fee. We reply to proposal requests within one business day.
We are the PCAOB audit practice of Asesoria Global (PCAOB Firm ID 7184). Before accepting an engagement, we check independence under SEC Rule 2-01 and PCAOB Rule 3520.
Our English and Spanish engagement teams work remotely with U.S. issuers and their Latin American finance teams.
Need your next 10-Q reviewed? Write to info@sesglo.com.
FAQ
Yes. Rule 10-01(d) of Regulation S-X requires the interim financial statements in each Form 10-Q to be reviewed by an independent public accountant before the report is filed. The accountant's review report does not have to be filed with the 10-Q, unless the company states in the filing that a review was performed. In that case, the report must be filed as well.
Under General Instruction A to Form 10-Q, the report is due 40 days after quarter-end for large accelerated and accelerated filers and 45 days for all other registrants. No 10-Q is filed for the fourth fiscal quarter, because that period is covered by the Form 10-K. The review has to be finished before the filing, so the practical deadline is a few days earlier.
The company can file Form 12b-25 (NT 10-Q) no later than one business day after the due date. If it meets the rule's conditions, the 10-Q is treated as timely when filed within five calendar days after the original deadline. If the delay is caused by the accountant, the notice must include the accountant's statement explaining why. Under AS 4105, an incomplete review cannot support a review report.
No. AS 4105 states that a review does not provide a basis for expressing an opinion. The report says whether the accountant is aware of any material modifications needed for the interim financial information to conform with the applicable financial reporting framework. A review consists mainly of analytical procedures and inquiries, not the detailed testing performed in an audit.
The standard allows it. AS 4105 requires an accountant who did not audit the latest annual financial statements to perform procedures to understand the company's internal control. In practice, most companies use the same firm, because what the auditor learns in each quarterly review feeds into the year-end audit, and the reverse.
In May 2026 the SEC proposed letting companies choose to file a semiannual report on a new Form 10-S instead of quarterly 10-Qs. Under the proposal, Form 10-S would contain the same financial information as a 10-Q, but for a six-month period. As of this page's review, it remained a proposal. Quarterly 10-Q reporting and reviews still apply.
A review is not designed to find conditions that may indicate substantial doubt about going concern. But if such conditions come to light during the review, AS 4105 requires the accountant to ask about management's plans and consider whether the disclosures are adequate. For companies with limited cash, it helps to update the cash forecast every quarter.
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