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Compilation of Financial Statements refers to the process whereby an accountant presents, in the form of financial statements, information that is the representation of management (owners), without undertaking to express any assurance on the statements. This statement does not have an accountant's assurance of conformity with generally accepted accounting principles. While preparing the compilation the accountant does not gather evidence or verify the accuracy of the information provided by the client. The accountant just reviews the compiled reports to ensure that they are in the appropriate form and are free of obvious errors.