Compilation
Financial statement compilations conducted under U.S. SSARS: built for private companies.
What Is a Compilation?
And who is required to have one.
A compilation is an engagement in which a licensed CPA assists management in presenting financial information in the form of financial statements — without providing any assurance that the statements are free of material misstatement.
The CPA does not audit or review the financials — no testing, no analytical procedures, no verification. The accountant simply applies professional knowledge to present the information in the proper format.
It is the entry-level engagement — below both an audit and a review — and is typically used when no assurance is required but professionally formatted financials are needed for internal use, tax purposes, or certain lenders.
]Per AICPA Professional Standards, AR-C Section 80 — Compilation Engagements.
The CPA does not audit or review the financials — no testing, no analytical procedures, no verification. The accountant simply applies professional knowledge to present the information in the proper format.
It is the entry-level engagement — below both an audit and a review — and is typically used when no assurance is required but professionally formatted financials are needed for internal use, tax purposes, or certain lenders.
]Per AICPA Professional Standards, AR-C Section 80 — Compilation Engagements.
Who needs one:
Private Companies — small businesses that need professionally formatted financials for internal use, tax purposes, or a lender that doesn't require assurance. Common for early-stage companies, owner-operated businesses, and entities preparing for growth.
Sources: AICPA AR-C Section 80; National Council of Nonprofits, State Nonprofit Audit Requirements.
How the Compilation Process Works
From engagement to final report — here's what to expect.
From engagement to final report — here's what to expect.
Information Request
We send you a simple list of the financial data we need — general ledger, trial balance, and any supporting schedules.
Financial Statement Preparation
We organize and present your financial information in the proper format under the applicable accounting framework — whether that's GAAP, cash basis, or modified cash basis. We follow up if anything looks inconsistent or incomplete.
Final Report Issuance
We issue the signed accountant's compilation report along with the complete financial statement package — ready for your board, lenders, or internal use.
Total engagement typically runs 1–2 weeks from signed engagement letter to final report issuance, depending on organizational readiness.
Why Organizations Choose GreyWood
- Drafts in DaysNo weeks of back-and-forth. We deliver your compiled financial statements within days of receiving your complete information — fast, clean, and ready to use.
- No Unnecessary ComplexityA compilation is a straightforward engagement — and we treat it that way. No bloated processes, no unnecessary back-and-forth. You get a clean, professionally prepared financial statement package without the overhead
- Nationwide, No CompromisesHeadquartered in Richmond, VA — serving organizations across the country. Remote-first fieldwork with on-site availability when you need it. Same rigor, same standards, wherever you are.
Frequently Asked Questions
A compilation presents your financials in the proper format — no assurance provided. A review adds limited assurance through analytical procedures and inquiries. An audit provides the highest level of assurance through independent testing and verification. Which one you need depends on your organization type, size, and what your lenders or stakeholders require.
Most engagements run 1–2 weeks from signed engagement letter to final report. Well-prepared clients often finish faster.
Fees depend on the size and complexity of your organization. We provide a fixed-fee engagement letter upfront — no surprises. Contact us for a complimentary consultation and we'll give you a clear estimate within 15 minutes.
We'll send you a simple list of what we need — typically your general ledger, trial balance, and bank statements.
Yes — we are a nationwide firm. We conduct fieldwork remotely or on-site across the U.S.
Absolutely. We handle the process from engagement letter to final report and walk you through every step.
Your Financials. Done in Days.
We'll assess your requirements and give you a clear recommendation within 15 minutes — at no cost.