Compilation & review engagements
Financial statements suited to their purpose.
Understand the difference between a compilation engagement and a review engagement before deciding what your organization needs. The appropriate engagement depends on the intended users, purpose and applicable professional requirements.
and clients across British Columbia
your real numbers.CPA
BC
Compilation & review engagements
Support that starts
with the details.
Every engagement begins with your circumstances, your records and what you need the work to do. We will talk through the scope and information required before moving ahead.
Compilation engagements
A compilation engagement organizes information provided by management into financial statements. It does not provide assurance. The intended use and basis of accounting should be discussed at the outset.
Review engagements
A review engagement involves inquiry and analytical procedures and provides limited assurance in accordance with applicable standards. It is different from an audit and is not a substitute for one.
Planning for year-end statements
Bring your year-end records, prior statements and any lender or stakeholder requirements. Discuss timing, the engagement type and records needed before the work begins.
Questions
Good to know.
What is the difference between a compilation and a review?
A compilation presents financial information supplied by management and provides no assurance. A review includes inquiry and analytical procedures and provides limited assurance. The appropriate engagement depends on the circumstances.
Are compilation statements audited?
No. A compilation engagement does not provide assurance and is not an audit.
Can a lender require a specific engagement?
A lender or other user may specify the financial information or engagement it expects. Confirm its requirements before the engagement is selected.
Start a conversation
Let’s make the numbers
easier to navigate.
Tell us what you are working through. We will discuss how to get started.