What is a Compilation?
A compilation is the most basic level of service Whalen & Company offers: assistance with presentation of financial information without assurance.
Privately-held companies typically request compilations when lenders or other parties request more formalized financial reporting.
- We work to assist your team in managing and presenting monthly, quarterly or annual financial statements in accordance with applicable financial reporting framework.
- This information is represented without any express assurance from our firm about whether the financial statements require material modifications.
- A compilation does not include inquiry, analytical procedures and other procedures performed in a review; it does not include any statement of understanding of an organization’s internal controls, fraud risk, testing of accounting records or other procedures performed in a full audit.
- A compilation provides a “common sense” look at the organization’s accounting system.
Contact Whalen & Company, CPAs today to learn more!