FYI - Compilations engagement: 1. Performance Responsibilities for a Compilation Engagement 2. Understanding the Applicable Reporting Framework—The accountant should obtain an appropriate understanding of the financial reporting framework and the significant accounting policies applicable to the entity's financial statements. 3. Read the Financials—The accountant should read the financial statements to evaluate whether they are free of obvious material misstatements. Incomplete/Unsatisfactory Records—If the accountant believes that the records or other information is incomplete or inaccurate, the accountant should request further or corrected information. 4. Revisions Required—If the accountant discovers a need for revision to the financial statements, the accountant should propose appropriate revisions to management. Withdrawal—If management has failed to provide records or information as requested or if management does not make appropriate adjustments as proposed by the accountant, the accountant should withdraw (and inform management of the reasons for withdrawing). **In summary, the compilation report normally consists of four sentences**

Compilation Report when Financial Statements Use a Special-Purpose Framework a. When using a special-purpose framework, the report should include a separate paragraph stating that the financial statements are prepared in accordance with the particular special-purpose framework and that refers to the note to the financial statement describing the framework. Reporting when the Accountant Is Not Independent a. The last paragraph of the report should state that the accountant was not independent [either a single sentence without indicating the reason or with additional commentary indicating the reason(s) for the impairment]. Reporting when Substantially All Disclosures Are Omitted a. If the omission of disclosures appears to be intended to mislead financial statement readers, the accountant should not issue a compilation report. b. When the financial statements omit substantially all disclosures, the compilation report should include a paragraph pointing out that fact, including a statement that the financial statements are not designed for those who are uninformed about such matters. (The accountant should not issue a report on “comparative” financial statements of one year that omit substantially all disclosures along with financial statements of another year that include applicable disclosures. Such financial statements would not be viewed as comparable.) Reporting Known Departures from the Applicable Financial Reporting Framework a. Material departures that are not disclosed in the notes should be reported in a modified compilation report in a separate paragraph. (If the accountant believes that modification of the report is not an adequate way to communicate the deficiencies, the accountant should withdraw.)a.