Financial Statement Compilations
Accounting Principles Assurance
A CPA grants no assurance during a compilation. A compilation from an independent CPA is often required by a bank as part of due diligence in the loan approval process. The bank wants assurance when looking at an organization's financial statement that the organization seeking funding is abiding by proper accounting principles.
A compilation from LBA Haynes Strand is based on:
- Our knowledge of accounting principles
- A general understanding of your business
When we're compiling financial statements for a client, we present information that is the "representation of management." Compilations do not include any expressed opinion or assurance.