Financial statement compilations are a great way to assess your business.

The objective of a compilation engagement is to present financial information without the accountant’s opinion or assurance. The numbers used in a financial statement compilation are provided by management and the accountant compiles the information into a standard financial statement format.

The compilation involves the accountant reaching a general understanding of a business, its accounting, and reporting principles. However, verification procedures are not required. The CPA will not express an opinion or provide assurance that the financial statements are complete or accurate. Compilation engagements are used where audits or reviews are not required, for example where limited business and tax advice is required.

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