Accountants on Time: Compiled Financial Statements

Accountants on Time: Compiled Financial Statements:  

A compilation is the one of the lowest level financial statement services an accountant can provide. A compilation consists essentially of presenting information obtained from a client in financial statement format. There is no assurance being provided by the accountant.

The compilation report is a report prepared by the accountant tasked with performing compilation service by a client and should accompany the compiled financial statements. Unlike an audit or review report, a compilation report comprises a single paragraph, without paragraph titles.

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A compilation is a basic summary of your company's financial statements written by a CPA using data provided by your company. Unlike a review or an audit, this method provides no assurance. There are no tests performed, and the auditor does not examine any internal controls.

There are four main financial statements. They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders' equity. Balance sheets show what a company owns and what it owes at a fixed point in time.

Bookkeepers normally will prepare three major financial statements for your business; the profit and loss statement, balance sheet, and cash flow statement. It's a good idea to have updated financial statements every month, and then again at year end.

Compiled financial statements generally range in costs from $800 to $3,500 based on the size and complexity of your company and can take one to two weeks to complete. 

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Reviewed financial statements are the second type of financial statement assurance provided by a CPA.

A certified financial statement has been audited for accuracy by an independent accountant. A compiled statement may provide investors with useful information but it has not been audited. The quarterly and annual reports issued by public companies are certified financial statements.

Your Accountant on Time,

Ronald Friedberg

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