Compilation Service

A financial statement compilation service is a form of non-assurance service that a professional accountant in public practice can provide you with. This service entails the preparation and presentation of the financial report of your company by the accountant.

A compilation specialist uses their accounting experience, rather than audit experience, to collect, classify, and summarize financial information in the form of a complete set of financial statements. This usually entails reducing detailed data to a manageable and understandable form without the need to test management assertions underlying that information. However, users of the aggregated financial information derive some benefits as a result of the accountant’s participation because this has been carried out with professional competence and due diligence.

Why choose Al-Sharid to compile your financial statements?

Keeping up with IFRS updates, allocating enough time for the financial statement preparation process, ensuring compliance with IFRS, then preparing and formatting the financial report can sound like a daunting process. Sometimes strict deadlines for publishing or signing your financial report can even feel intimidating. Don’t let it put you down, we’ve got a team of accounting professionals that are well-equipped with extensive experience in financial reporting under IFRS.

Give us a call today to learn more about how a financial statement compilation service from Al-Sharid will be a cost-efficient solution that you’ll love.

Our approach to providing financial statement compilation services

We conduct our high-quality financial statement compilation services by complying with the International Standard on Related Services 4410 (revised) – Compilation Engagements and using world-class best practices that result in delivering a financial report that complies with the specific provisions of Article 27 of the UAE Commercial Companies Law, the Federal Law No 2 of 2015 (Accounts of the Company) that requires the preparation of the financial statements under IFRS.

Our financial statement compilation process is sophisticated where a specialized accountant compiles the financial statements for your company, an overall analytical review is then done to analyze variances from prior figures. If something comes to our attention that tells us this is inconsistent with our understanding of your business, we’ll advise you to help us investigate the case further, this will help us minimize errors underlying the financial data received. With enough review procedures in the process by managers in our team, you’ll be relieved and satisfied with the results.

Our team of experts has the right experience and knowledge to help your company achieve its objectives

Is it mandatory for companies in UAE to prepare financial statements?

Article 27 of the UAE Commercial Companies Law, the Federal Law No 2 of 2015 (Accounts of the Company) that requires the preparation of the financial statements under IFRS.

What level of assurance does a financial statement compilation service provide?

[ISRS 4410.6] suggests that, ” Since a compilation engagement is not an assurance engagement, a compilation engagement does not require the practitioner to verify the accuracy or completeness of the information provided by management for the compilation, or otherwise to gather evidence to express an audit opinion or a review conclusion on the preparation of the financial information.” Therefore, any findings we arrive at will not be enough for us to provide any level of assurance.

Does using a professional accountant to compile your company's financial statements guarantee you that you will get an unmodified audit opinion on them?

As the answer to question 2 suggests, we cannot obtain sufficient appropriate evidence to ensure that the financial data you provide us with is correct. However, this does not mean we will be any less professional in providing our service. Our accountants are competent enough to compile your financial statements using the information you provide us with in a sufficient way.

Can we also get an audit report from this financial statement compilation service?

According to the R601.5 paragraph of the International Code of Ethics for Professional Accountants, “A firm or a network firm shall not provide to an audit client that is not a public interest entity accounting and bookkeeping services including preparing financial statements on which the firm will express an opinion or financial information which forms the basis of such financial statements…” unless certain strict conditions are met. Also, the 601.5 A1 paragraph, includes some exceptions under which we might be able to provide you with an audit report service, this is however a matter of discussion. Give us a call so we can discuss your situation.

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Compilation Service

Why choose Al-Sharid to compile your financial statements?

Our approach to providing financial statement compilation services

Our team of experts has the right experience and knowledge to help your company achieve its objectives

Is it mandatory for companies in UAE to prepare financial statements?

What level of assurance does a financial statement compilation service provide?

Does using a professional accountant to compile your company's financial statements guarantee you that you will get an unmodified audit opinion on them?

Can we also get an audit report from this financial statement compilation service?

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