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While you or your bookkeeper can maintain your financial records and produce internal reports, only a professional accountant can issue a compilation report because it adheres to specific accounting standards.
Only a CPA can prepare an audited financial statement and a reviewed financial statement. However, both CPAs and non-certified accountants, including bookkeepers, can prepare compiled financial statements.
Compilations and reviews are less-detailed options that provide financial data and informal assessments. Audits are more in-depth studies that assess whether or not formal financial documents reflect the actual condition of a company or organization.
Preparing Compilation Report: The accountant will prepare a compilation report, clearly communicating that the information provided by the management was not audited or reviewed by the accountant.
A compilation report is a professional opinion issued by an accountant certifying that a companys financial statements have been assembled in ance with the correct accounting standards.

People also ask

The cost of a financial statement review generally ranges from $1,500 to $5,000. Many CPAs will include the review at the time your taxes are prepared and roll the cost together.
The CPA does not have to be independent, but the CPA must indicate a lack of independence, if applicable, in the report. The business obtains comfort that the financial statements appear to be appropriate in form and there are no obvious material modifications needed.

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