COMPILATION
Companies may be exempted from audit with the increased threshold for audit exemptions. However, there is value of compilation engagement to users of financial information with the application of the practitioner's professional expertise in accounting and financial reporting and compliance with professional standards.
There are cost savings as a compilation engagement does not require the practitioner to verify the accuracy or completeness of the information provided by management for the compilation, or gather evidence to express an audit opinion. However, what you do get is the confidence of compliance with the financial reporting standards.
You will get annual unaudited report including Profit & loss, Balance sheet, Equity statement, Cash flow statement, Notes to the financial statements, Directors' report and Statement by Directors.