I am mandated to have a "compilation" performed for my HOA. Is there a good example and what are the key elements and purpose of the document?
According to this accounting firm:
A compilation involves the preparation of an Association’s financial statements without the CPA granting any assurance as to whether the statements are reasonably stated or whether the statements are prepared in accordance with Generally Accepted Accounting Standards (GAAP). In short, while the CPA will ensure the financial statements are free from any obvious material error, the CPA will NOT grant any assurance as to their completeness or accuracy. A compilation is unique in that an accountant need not be independent to prepare a compilation and footnotes, while encouraged, are not necessary. Because of the lack of assurance granted by the CPA, and therefore the lack of time incurred by the CPA in preparing the compilation, the compilation is often the least expensive financial statement service performed by a CPA.