What documentation is required by the standard?

Last Revision: 6/30/2016

The documentation requirements of the compilation standard are not very extensive nor are they very specific. In its most basic form, a compilation is essentially the process of gathering financial information from the client and assembling them into a financial statement format.

A practitioner with a client who is sophisticated enough to maintain its own accounting records in good order might be comfortable obtaining as little as a trial balance to compile the financial statements. However, other practitioners in the same circumstance might require more information in order to satisfy themselves that they are not knowingly associating themselves with compiled financial statements that are false or misleading.

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