What is a compilation engagement?
A compilation engagement comprises unaudited financial statements that have been prepared by an accountant.
A compilation engagement consists of compiling financial statements based on information provided by management, and therefore it does not have the same degree of authority as audited financial statements. There is no opinion given by the accountant in a compilation engagement .
What is the purpose of a compilation engagement?
While no assurance is provided for a compilation engagement, for many small businesses, this is sufficient to meet management’s needs.
When might I require a compilation engagement?
A compilation engagement is commonly requested in order to complete income tax returns and for financial reporting purposes.
Compilation Services in Barrie & Newmarket
At Smith, Sykes, Leeper and Tunstall LLP, we can provide financial statements including compilation engagement reports. Our team of chartered professional accountants can also provide full audits and reviews.
Contact us in Newmarket or Barrie today to learn more about our services.