Services

Compiled Financial Statements

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Compiled statements involve taking client data and information and putting it in the form of a financial statement. The accountant is not required to test the representations made in the financial statements unless he knows that the information is incorrect, incomplete, or unsatisfactory information.

Compiled financial statements can be useful when:

  • The Organization needs to provide financial information to a third party that has some involvement by a CPA or accountant and does not want or cannot afford an audit or a review. Advantages of a compilation over other types of services:
  • It is less costly to prepare than other types of financial statements.
  • It requires less documentation and thus less work on the client's part.
  • Disadvantages of a compilation:
  • Not all lending institutions or third parties will accept a compilation.
  • A compilation does not require the CPA to verify accuracy of your account balances.

Cynthia Cox has performed the annual financial audit for Metropolitan Baptist Church for the past nine years. As Finance Manager for the church, I have had the pleasure of providing her financial information to complete her task for the past six years. She has shown herself to be a thoroughly professional individual; her integrity is above reproach. In working on the audit, Mrs. Cox has gone above and beyond her job in helping us set procedures to ensure the church staff members perform their duties in compliance with IRS guidelines. While this is not necessarily part of the audit process, it has been extremely valuable. Mrs. Cox knows all aspects in the church business arena and is adept at passing that information on as needed. I hope to work with Mrs. Cox for many years to come. - Jean Bellow, Finance Manager Metropolitan Baptist Church, Houston, TX