Compilation

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This is most basic level of financial statements.  Compilation procedures conforms to the SSARS (Statement of Standards for Accounting and Review Services).

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 The CPA is required to read the financial statements in light of the financial reporting framework being used and consider whether the financial statements appear appropriate in form and are free from obvious material misstatements. 

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Compilation procedures do not require understanding of internal control, substantive test, analytical procedures, and inquiry required at a level of audit and/or review.