Compiled Financial Statements Differences Between Compiled, Reviewed, and Audited Financials is the level of assurance provided by the Accountant in the Accountants Report.
Differences of Complied Reviewed and Audited Financial Statements
Differences of Complied Reviewed and Audited Financial Statements are the attestation aspect of the auditor’s opinion if statements are fairly stated.
Generally, Differences of Complied Reviewed and Audited Financial Statements like compilations are the least costly form of financial statement services. Compilations are most often used for personal financial statements. … Reviews provide a limited level of assurance that there are no material modifications that should be made to the financial statements.
In a review engagement, the auditor conducts analytical procedures and makes inquiries to ascertain whether the information contained within the financial statements is correct. … A review requires some testing of the information, while a compilation almost entirely relies on the presented information.
Compilation report. A compilation report is a report prepared by the accountant tasked with performing compilation service by a client and should accompany the compiled financial statements.