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A compilation engagement is where the auditor / accountant is asked to compile the financial statements
Ok – in simple, non-fancy words – it’s where the client doesn’t have the necessary accounting skills in-house to be able to prepare a set of financial statements so has to engage the services of a qualified accountant
According to the website dictionary.com, the verb to compile means:
“to put together (documents, selections, or other materials) in one book or work”
OK?
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