Compilations- Non-assurance Engagements
Within a compilation engagement, such the accountant is engaged to need accounting expertise that opposed to auditing expertise to bring together, summarize and classify financial information. This ordinarily entails reducing detailed data to a understandable manageable form with not a requirement to test the assertions underlying which information. The procedures used are not designed and do not enable that the accountant to express any assurance on the financial information. Although users of the compiled financial information derive some advantage as a conclusion of the accountant's involvement since the service has been performed with due professional care and skill.