The Compilation Letter For Personal Financial Statement is a critical document used when financial professionals are engaged to compile personal financial information without providing assurance or verification services. It serves as a formal communication tool that clarifies the nature and limitations of the compilation engagement, protecting both the preparer and the client under English and Welsh law. The letter typically accompanies compiled financial statements and is particularly important when financial information is being prepared for third-party use, such as loan applications, investment purposes, or personal financial planning. It helps ensure compliance with professional standards while managing expectations about the scope of services provided.
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1. Addressee Information: Client name, address, and date of letter
2. Engagement Scope: Clear description of compilation services being provided and the nature of the engagement
3. Management Responsibilities: Statement of client's responsibility for accuracy and completeness of financial information
4. Accountant Responsibilities: Description of accountant's role, limitations, and professional standards applied
5. Basis of Compilation: Framework and standards used for compilation, including applicable regulatory requirements
1. Use Limitations: Optional restrictions on distribution or use of the statement when confidentiality is particularly important
2. Fee Structure: Details of fees and payment terms when not covered in a separate engagement letter
3. Specific Disclaimers: Additional disclaimers based on unique circumstances or specific client requirements
1. Schedule of Compiled Financial Information: Detailed financial statements and supporting schedules showing asset, liability, and net worth calculations
2. Basis of Preparation Notes: Detailed notes explaining accounting policies and preparation methods used in the compilation
3. Supporting Documentation List: Schedule listing all documents provided by client and used in preparing the compilation
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