During a compilation, a CPA assists management in presenting financial information in the form of financial statements without providing any assurance on that information. The accountant reads the compiled financial statements to look for any inaccuracies or material errors based on the information supplied.
Compilations are best suited for private companies that need help preparing their financial statements but don’t need to provide their stakeholders with the assurance an audit or review offers.
The CPA firm's role in a compilation is to assist the company in presenting its financial information. The process involves understanding the client’s business and transactions without implementing any verification or validation procedures.
A properly compiled financial statement can be a valuable tool for internal management and business owners in making financial decisions, planning, and obtaining financing. It’s a cost-effective financial statement preparation service.
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