A compilation represents the most basic level of service BMWL provides with respect to an organization’s financial statements.  In a compilation engagement, the CPA assists management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance at all with respect to the financial statements.  In a compilation, the CPA must comply with applicable regulatory standards, which require the CPA to have an understanding of the industry in which the client operates, obtain knowledge about the client, read the financial statements, and consider whether the financial statements appear appropriate in form and free from obvious material errors.

A compilation does not contemplate performing inquiry, analytical procedures, or other procedures ordinarily performed in a review; or obtaining an understanding of the organization’s internal control; assessing fraud risk; or testing of accounting records.  Compiled financial statements may be prepared without disclosures (notes to the financial statements).  The compilation report issued by a CPA provides no assurance whatsoever with respect to the financial statements.

A review performed by BMWL typically results in the following reports:

BMWL’s compilation report expressing no assurance on the financial statements

Financial statements and (if applicable) related disclosures