| Compilations are generally requested when a client desires financial statements be prepared in a standard format but has no need for outside review of the financial information or assurance over the internal controls. A compilation differs significantly from a review or an audit of financial statements. A compilation does not include any inquiries, analytical procedures, or other procedures performed in a review. Additionally, a compilation does not include obtaining an understanding of the entity’s internal controls; assessing fraud risk; testing of accounting records; or other procedures ordinarily performed in an audit. As a result, a compilation does not include an opinion or provide any assurance regarding the financial statements being compiled. The objective of a compilation is to assist you in presenting financial information in the form of financial statements. |
