Introduction to Financial Statements Compilation

A Compiled Statement is prepared by an accountant but is not available for audit or certification. And the service of an accountant to assist the management to present its Financial Statements is called Financial Statement Compilation.

Companies engage an accountant from outside to prepare Financial Statements. The compilation is not designed to give any assurance or confirmation of accuracy regarding the information it contains. It is not based on analytical procedures.

Compilation Engagement

A Compilation Engagement can be either severalFinancial Statements or a single statement. It involves a greatly reduced set of activities from an audit. However, the accountant needs to provide sufficient documentation with a clear understanding of his work. The documentation includes the following:

  • Engagement letter
  • Significant issues
  • Communications to management
  • Written report

The accountant needs to address in communication any illegal acts if he/she noted during compilation. The accountant can ask for additional information to check on illegal acts to complete the engagement.

And the report, it should be mentioned that the Financial Statements have not been audited and do not give any assurance. The management takes responsibility for the compilation of Financial Statements.

Objectives and Requirements

Financial Statements Compilation Engagement is required due to timeliness. A company releases the compiled statements before audit because of timeliness so that these statements can be released promptly to investors. 

The Compilation Engagement Service is also used by cost-sensitive firms whose investors do not have any issue with this form of engagement. Lenders and creditors do not prefer this Compilation Engagement because it does not represent the confirmed financial position of a business.

The Compliance Solution 

A company has a lot of tasks related to Financial Filings. Manually it may be burdensome and in case, you have missed any update regarding compliance standards issued by a regulatory authority, it may lead to a penalty.

Compliance Risk is increased due to constantly changing regulatory landscapes and increased techroles in companies. Non-compliance results in legal actions against a company and creates mistrust issue among its investors, stakeholders, and clients as well. Why take such huge risks when you can manage your compliance at ease with COMPLIANCE iNBOX.

COMPLIANCE iNBOX (CIB) is the software to handle your financial filings according to internal and external policies and procedures. CiB is an ideal compliance model with the following benefits:

  • Flexible enough for the adaptability in Compliance Management procedures.
  • Integrates Compliance Management with the Corporate Governance.
  • Reduces IT overheads.
  • Easy to use model.
  • No compromise on security, productivity, and longevity.
  • And various other benefits and features.

For further details, you can connect to BA Fintech.

BA Fintech (a joint venture between Boston Financial Advisory Groupand Avanze Group) has an excellent product known as COMPLIANCE iNBOX (CiB). It is a Compliance Management software that integrates and streamlines the approach to Compliance Management. It promises timely and accurate compliance without the typical cost and hassles associated with the activity. Its Dashboard provides a comprehensive view of the status of various compliances and audit activities across an entire business on a single screen. It generates dynamic reports which present information in the form of charts, tables, and data grids which greatly simplify the decision-making process for Promoters and senior personnel and lets them focus on the core business.

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