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Compiled Financials

Compiled Financials

WHAT ARE COMPILED FINANCIAL STATEMENTS?

Compiled financial statements represent the most basic level of service that is offered by a licensed CPA with respect to financial statements. In a compilation engagement, the outside accountant takes the data provided by the client and converts it into financial statements and issues a report on their letterhead. The objective of a compilation is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements. The accountant is responsible for conducting the engagement in accordance with Statements on Standards for Accounting and Review Services (SSARSs) issued by the AICPA, and must be an actively licensed CPA.

THE IMPORTANCE OF COMPILED FINANCIAL STATEMENTS

Compiled financial statements allow companies to have financial statements prepared at a lower cost. There are many instances where compiled financial statements (compilations) may be required by a third party. Whether it’s for regulatory needs, such as state contractor licensure or banking requirements, or for investors or shareholders, the time will come when you will be asked to present your financial statements prepared by an independent and licensed certified public accountant. For instance, the Small Business Administration may require companies participating in the 8(a) program to submit financial statements compiled by a licensed independent public accountant. The importance of compiled financial statements, done right and in a timely manner, are the reason you should engage an Accountant.

GETTING FAMILIAR

In a compiled financial statements engagement, we must familiarize ourselves with your industry and its applicable accounting principles in order to determine whether there are any material departures from generally accepted accounting principles (GAAP) in your financial statements.

QUICK AND THOROUGH

Preparing compiled financial statements are the lowest form of financial statement assurance and thus we are not required to confirm balances with your bank, investors, or suppliers. We quickly and thoroughly review for obvious errors and make sure to ask management any pertinent questions.

DONE ACCURATELY EVERY TIME

When we present the compiled financial statements, we state we have not audited or reviewed and do not express an opinion or any other form of assurance. However, some compiled financial statements can have notes expressing unique aspects and the accounting policies. If requested, we can provide these notes for outside or third parties.

And don’t hire just any accountant. We will work hard to get what you need accomplished so you can continue with the things you need to do to further your business. We will give you a time-frame of when you can expect your work to be completed and we will stick to that time-table. We offer competitive pricing and our goal is to build a relationship with our clients based on trust and results. We roll-up our sleeves and work hard for you.

Compiled Financial Statements

Financial statements prepared by an accountant based on the amounts provided by a client. The accountant does not review or audit the amounts provided and therefore does not provide any assurances regarding the validity of the amounts.
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