Compilation – Lowest Level of Assurance
In compiling financial statements for a client, we present information that is the “representation of management” and expresses no opinion or assurance on the statements. Compilations don’t require enquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.
Banks often require compilations from an independent registered auditor as part of their lending covenants.
Which Report Should You Use?
Each type of financial statement report may suit specific circumstances, depending on requirements from you, your bankers or other parties, as well as budgetary needs.
Understanding each report’s unique strengths and weaknesses can help you choose the most appropriate one. Please contact any one of the partners to discuss which specific report best suits your business.