Compilation – No Assurance
In compiling financial statements for a client, we present information that is the “representation of management” and expresses no opinion or assurance on the statements. Compilations don’t require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.
Preparation – No Assurance, For Internal Use Only
A preparation engagement is for internal use only and does not require any inquiries of management or analytical procedures to be performed. In performing a preparation engagement, we typically have already performed bookkeeping services for the client and are preparing the financial statements for management’s internal use and decision-making. There is no assurance provided on these financial statements, and they are not for third-party use.