FINANCIAL STATEMENT COMPILATIONS
FINANCIAL STATEMENT COMPILATIONS
CPA Compiled Financial Statements
CKH Group’s financial statement compilation services are ideal for businesses and organizations that require professionally prepared financial statements without the need for an audit or review. While compilations do not provide an opinion on the statements’ accuracy, they ensure that your financial data is presented in accordance with accounting standards.
As a leading CPA firm based in Atlanta, we take pride in offering Financial Statement Compilations designed to:
- Give you peace of mind
- Reduce risk or costly errors
- Provide timely and efficient results
What Is a Compiled Financial Statement?
A compiled financial statement is a report prepared by an accountant or auditor that transforms a business’s bookkeeping data into financial statements. When an accountant prepares this, they are not auditing or reviewing the accuracy of the statements and providing no assurance on the financial statements. Compilation engagements are subject to Statement on Standards for Accounting and Review Services by the AICPA.
Financial Statement Compilation vs. Review
These two services can be confused, but the main difference between them is that reviews offer a level of assurance while compilations do not. A compilation prepared by a CPA does ensure that the financial statements are prepared in accordance with the accounting standards, which in the US is US GAAP (United States Generally Accepted Accounting Standards) and outside of the US, IFRS (International Financial Reporting Standards). The CPA applies industry knowledge and experience to measure the reasonableness of the information presented but does not issue any form of assurance.
When To Get a Financial Statement Compilation
Due to compilations having no level of assurance, you may wonder under what circumstance you would need one. Both reviews and audits require having compiled financial statements in order to conduct the review or audit. This is why a compilation is often the ‘base’ service and a review or audit is performed on top of it to offer assurance. As a compilation is the least expensive option (as opposed to review or audit), if the use of the financial statements does not require a level of assurance, it is the preferred option. Having a compiled set of financial statements can help strengthen internal processes and provide you with transparency on your current financial position. Compilation engagements follow a specific accounting standard or framework, which allows for comparability within the industry.
Why Choose CKH Group?
CKH Group’s Assurance Services are designed to empower organizations with confidence in their financial reporting and decision-making.
With CKH Group, you’re not just getting a CPA firm; you’re gaining a trusted partner committed to your success. Discover the CKH Group advantage, where excellence, integrity, and expertise come together to create a powerful assurance partnership for you. Contact us today to explore how our External Audits can add value to your organization.
