A compilation engagement presents financial information that expresses no opinion, nor gives any guarantee, as to how accurate the source data may be. With the information received then replicated in the compilation statement.

Data is reviewed by a CPA using a process of basic validation, inquiry, analytical procedures and professional judgement in which the businesses accounting practices are reviewed, any inconsistent findings are investigated, and unusual transactions are looked into, providing limited assurance. Should you wish to identify any opportunities for improving or needs to provide a third party with some assurance, this is a great way of doing so without the need for a full audit.

To help determine whether a financial statement has been prepared in accordance with the relevant framework for reporting, an audit engagement typically involves a team of accounting experts scrutinizing all business procedures, internal controls, and accounting systems, and carrying out interviews with key members of staff.