Financial Statement Compilations

Financial Statement Compilations

A financial statement compilation is a service provided by Hirsch Tax Pros to assist the management of a business in presenting its financial statements. This compilation service is not designed to provide any assurance regarding the information contained within the financial statements.

A financial statement compilation is the least expensive of the various forms of auditing services (the other two being a review and an audit), and so is preferred by those cost-sensitive entities whose financial statement users are comfortable with this form of engagement. However, because there is no assurance that compiled financial statements fairly present the results and financial position of a business, a compilation is not preferred by lenders and creditors.

Under a compilation, management of the business takes responsibility for the preparation and presentation of the financial statements.Hirsch Tax Pros will create sufficient documentation to provide a clear understanding of the work that we have completed. This documentation should include the engagement letter, significant issues, and any communications to management of the business regarding fraud or illegal acts noted by Hirsch Tax Pros.

Let Hirsch Tax Pros help solve your financial puzzles.