A Financial Statement Compilation is a service in which an accountant assists management in preparing financial statements based on the financial data provided by the client.

Key characteristics:

• The accountant does not perform audit or review procedures.

• No assurance is provided regarding the accuracy of the financial statements.

• The accountant simply organizes the financial information into proper financial statement format.

The result is a compilation report stating that the accountant compiled the statements based on information provided by management.