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 inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.
Small businesses often hire us to prepare a compilation when their banks require that they submit financial statements, but don't require an audit or review. A compilation may include note disclosures, or it may be limited to just the financial statements themselves.
