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Financial Statement Compilation
The purpose of a financial statement compilation is to simply present, in the form of financial statements, your company’s financial data. Our team will issue a report on the compiled financial statements which states that the financial statements were compiled by information obtained by company management, but because they were not audited or reviewed, no opinion or any other form of assurance is expressed on whether the statements are in-conformity with the accounting framework.
During a compilation, our team will obtain a general understanding all of the transactions and how they are recorded, become familiar with the accounting principles and practices common to the client’s industry, and provide consideration to whether the presentation is appropriate and free form obvious material errors, but extensive in-depth testing will not be completed during a compilation engagement.
Internal committees, Boards of Directors, and business owners often use compiled financial statements to manage or assess performance on a monthly, quarterly, or annual basis.
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