OUR SERVICES
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 and mid-sized businesses that need CPA-prepared financials for a bank, a landlord, or internal decision-making, without the cost of a review or audit. Common for owner-operated businesses, early-stage companies, and growing companies that want consistent year-end reporting.
Nonprofits. Smaller organizations below their state's review or audit threshold that still want professional financial statements for their board, funders, or grant applications.
HOAs & Condo Associations. Smaller associations whose state law or governing documents allow compiled statements, and boards that want CPA-prepared reports for owners at a lower cost.
Sources: AICPA AR-C Section 80; National Council of Nonprofits, State Nonprofit Audit Requirements.
When Is a Compilation Appropriate?
A compilation fits when someone needs CPA-prepared statements but no one requires assurance. These are the most common cases.
Many lenders accept compiled statements for smaller loans, lines of credit, and annual covenant reporting. Check your loan agreement for the exact requirement.
Some states allow smaller associations to provide compiled statements to owners. Florida, for example, requires compiled statements for associations with annual revenue between $150,000 and $300,000.
Boards, owners, and partners often want CPA-prepared statements for regular oversight and decision-making, without the cost of a review or audit.
Landlords, licensing agencies, and larger customers sometimes ask for financial statements during an application. A compilation gives them a professional package.
Some foundations and local funders accept compiled statements from smaller organizations below their review or audit thresholds.
Growing organizations often start with compilations. Consistent, CPA-prepared statements make the move to a review or audit faster and less expensive.
What Does a Financial Statement Compilation Include?
Every compilation delivers a signed accountant's report and a complete financial statement package, ready for your lender, board, or owners.
- Understanding your businessWe learn your industry, accounting records, and the reporting framework your financial statements need to follow.
- Choosing the right frameworkWe prepare statements under GAAP, cash basis, modified cash basis, or tax basis, depending on what your users need.
- Financial statement preparationWe turn your trial balance into a balance sheet, income statement, and, where needed, a statement of cash flows.
- Footnote disclosuresWe prepare required disclosures, or omit them when permitted and your users agree, and state this clearly in our report.
- Reading for obvious errorsWe read the statements for clear errors, missing information, or misleading presentation, and follow up before issuing.
- Signed compilation reportWe issue the accountant's compilation report with your finished statements, ready to share with lenders, boards, or owners.
Compilation vs. Review vs. Audit
How the Compilation Process Works
From engagement to final report — here's what to expect.
Scoping call
A complimentary conversation about who will use your statements and what they require. We confirm a compilation is enough before anything is signed.
Fixed-fee proposal and engagement letter
You receive a written scope, timeline, and fixed fee.
Information request
We send a short list of what we need, usually your trial balance, general ledger, and key schedules.
Financial statement preparation
We prepare your statements under the agreed framework and follow up on anything that looks inconsistent or incomplete.
Your review
You review the draft statements and confirm everything is accurate and complete.
Final report issuance
We issue the signed compilation report and the complete financial statement package, ready for your lender, board, or owners.
Why Organizations Choose GreyWood CPA
CPA-prepared financial statements with fixed fees, senior-level attention, and no unnecessary complexity.
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Fixed, transparent fees with no surprises - Senior CPAs on every engagement
- Honest advice on the right service level
- One clear document request list from day one
- Fully remote, nationwide service
- Actionable control recommendations
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.
Compiled Financials, Ready to Share.
Tell us who needs your statements and when. We'll confirm a compilation is the right fit and send a fixed-fee proposal — at no cost.