Formal financial statements for small businesses.
AsuraTrust also offers financial statement Compilation services for businesses that need their financial statements professionally prepared with an accompanying Compilation Report.
Although a Compilation does not provide assurance on the financial statements being presented, our engagement teams will identify and correct obvious errors and mistakes. Our Firm ensures your financial statements are prepared in accordance with the relevant financial reporting framework and meet all applicable professional standards. As a Tampa-based CPA Firm, we compile financial statements for businesses in the Tampa area and beyond.
Whether you need compiled financial statements for a lender, a franchisor, or your own reporting, our Firm is here to help. Schedule a consultation today.
What to expect from the engagement.
What’s presented
Management-provided financial information is presented in financial statement form.
Standards
Financial statements are compiled in accordance with the applicable financial reporting framework (GAAP, cash-basis, etc.).
How we work
Conducted in accordance with Statements on Standards for Accounting and Review Services (SSARS), AR-C Section 80.
Quality
Engagement team identifies and corrects obvious errors and omissions.
Who relies on a compilation.
Banks & other lenders
Compiled financial statements often satisfy the reporting requirements of loan agreements and smaller credit facilities — professionally presented statements with a CPA’s report, without the cost of assurance procedures.
Owners & management
A compilation turns internal records into formal financial statements — giving owners and management professionally presented results for decision-making and period-over-period comparison.
Sureties, franchisors & other third parties
Bonding programs, franchise agreements, landlords, and similar arrangements sometimes call for CPA-compiled financial statements. A compilation meets these requests with a recognized, professionally prepared deliverable.
With a report, or without.
CompilationNo assurance is expressed — a compilation is the most basic level of service that includes an accountant’s report.
PreparationNo assurance is provided — preparation is a nonattest service performed without a report.
CompilationManagement-provided information is compiled into financial statement form, and the statements are read for appropriate form and obvious material misstatement.
PreparationFinancial statements are prepared from the records management provides, without procedures to verify the underlying information.
CompilationA Compilation Report identifying the financial statements and stating that no opinion or assurance is expressed.
PreparationNo accountant’s report is issued — each page of the financial statements notes that no assurance is provided.
CompilationLenders or other third parties want professionally compiled statements accompanied by a CPA’s report.
PreparationManagement needs professionally prepared financial statements for internal use, budgeting, or planning.
Don’t need the accountant’s report? Learn more about our financial statement preparation service.
Considering a compilation?
Connect with us to discuss how our services can provide the support you need.
Schedule a Consultation