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compilation and review

Determine the scope of the compilation or review engagement

Establish the objectives and goals for the engagement

Identify key stakeholders and their expectations

Develop a timeline and schedule for completion

Assign roles and responsibilities to team members

Gather all relevant financial statements and documents

Obtain access to accounting records and systems

Review significant accounting policies and estimates

Evaluate internal controls and processes

Perform analytical procedures and trend analysis

Organize and format financial statements in accordance with applicable standards

Prepare necessary disclosures and footnotes

Ensure consistency and accuracy of financial data

Obtain management representation letter

Document any significant findings or issues

Perform analytical procedures and ratio analysis

Inquire about significant changes or events affecting the financial statements

Review subsequent events and transactions

Evaluate the reasonableness of accounting estimates

Consider materiality and financial statement presentation

Obtain final approval and sign-off from management

Issue the compiled or reviewed financial statements

Communicate any significant findings or recommendations to management

Document all work performed and conclusions reached

Archive all relevant documentation for future reference or review

Conduct a final review of the entire compilation and review process

Obtain approval and sign-off from the engagement partner or reviewer

Ensure compliance with professional standards and regulatory requirements

Confirm that all necessary documentation and workpapers are complete

Communicate any unresolved issues or outstanding matters to management

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