A compilation report does not express an opinion or a conclusion, nor does it provide any assurance about whether the financial statements are in accordance with Generally Accepted Accounting Principles.
A compilation engagement involves applying accounting and financial reporting expertise to assist management in presenting financial financial statements, without providing any assurance on those financial statements. We are not required to make inquiries or perform other procedures to corroborate the accuracy or completeness of the information supplied by management. We do not provide any level of assurance with respect to compiled financials statements.
We are not required to verify or corroborate the accuracy or completeness of the information supplied to us by an association or management or perform other procedures to gather evidence to express an opinion or conclusion on the financial statements. We further have no obligation to obtain an understanding of, or communicate deficiencies in, internal control, or to assess control risk.
We will provide an Accountant’s Compilation Report at the completion of the compilation engagement; but will not however require a representation letter from the Board of Directors.