Opinion ID: 1998458
Heading Depth: 1
Heading Rank: 4

Heading: Compilations.

Text: When performing a compilation of prospective financial statements, the auditor's engagement is limited to assembling projected financial statements, determining whether the prospective financial statements with their summaries of significant assumptions and accounting policies ... appear to be presented in conformity with AICPA presentation guidelines and are not obviously inappropriate, and issuing a compilation report to that effect. SAS at AT § 301.12. Significantly, [a] compilation is not intended to provide assurance on the prospective financial statements or the assumptions underlying such statement. Id. at AT § 301.13. Instead, [b]ecause of the limited nature of the practitioner's procedures, a compilation does not provide assurance that the practitioner will become aware of significant matters that might be disclosed by more extensive procedures. Ibid.