Compilations are usually requested for internal purposes or performed when a higher level of service on the financial statements.

A compilation must comply with SSARS. It also requires the accountant to have an understanding of the client and their industry. The accountant needs to read the financial statements and consider whether its appropriate in form and free from obvious material errors.

The accountant assists management in presenting financial information in the form of financial statements without providing any assurance. They need to check that there are no material modifications made to the financial statements. It should not perform any of the procedures ordinarily performed in an audit or a review.

A compilation is limited to the presentation of financial information in the form of financial statements. There is no expression of an opinion or any other form of assurance on the financial statements.