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Auditing Service, Compilations!
A compilation differs signiﬁcantly from a review or an independent audit of ﬁnancial statements. A compilation is literally a compilation of financial records into a format required by accounting standards. When this work is performed by an auditor it is referred to as a “compilation” and accounting standards require the auditor to assess whether the records are free from obvious errors.
A compliance check may include review of the following items:
• Whether an organization is adhering to recordkeeping and information reporting requirements
• Whether an organization’s activities are consistent with its stated tax-exempt purpose
A compliance check is a review of information and forms that IRS requires organizations to file or maintain – for example, Forms 990, 990-T, 940, 941, W-2, 1099, or W-4. The check is a tool to help educate organizations about their reporting requirements and to increase voluntary compliance. See Publication 4386, Compliance Checks–Examination, Audit or Compliance Check?
Please note: A compliance check is not an examination/audit; it does not directly relate to determining a tax liability for any period.
Independent Accountant can proforma Compilation Report