When compiled financial statements are accompanied by an accountant’s report, that report should state that
- A compilation includes assessing the accounting principles used and significant management estimates, as well as evaluating the overall financial statement presentation.
- The accountant compiled the financial statements in accordance with Statements on Standards for Accounting and Review Services.
- A compilation is substantially less in scope than an audit in accordance with GAAS, the objective of which is the expression of an opinion.
- The accountant is not aware of any material modifications that should be made to the financial statements to conform with GAAP.