Compilations are designed for your company’s management to present financial statements that our firm considers appropriate in form and are free from obvious misstatements. Financial statements can omit disclosures, include selected or full disclosure elements under each financial reporting framework.
- Intended for use by lenders without requiring a level of assurance on the accuracy of the financial statements
- Typically appropriate when initial or lower amounts of financing are sought or significant collateral is in place
- CPA firm issues a compilation report
In a compilation however the CPA does not obtain any assurance on financial statement amounts or disclosures because the CPA is not required to verify the accuracy or completeness of information provided.
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