[HushedChoas]

This isnt getting through to me for some reason. What is the difference between a preparation and a compilation?

It seems to me that preparations are only ever for internal users (and whoever they distribute it to), and compilations can be officially submitted to external groups as a representations of the company’s F/Ss.

Is this right? Am I missing anything/mixing anything up?

[GitRDone2017]

I do compilations all the time and they require an engagement letter and a report along with the FS. Preparations do not require a report as far as I know. Here are a few links:
https://www.aicpa.org/Research/Standards/CompilationReview/DownloadableDocuments/AR-C-00070.pdf

https://www.aicpa.org/Research/Standards/CompilationReview/DownloadableDocuments/AR-C-00080.pdf

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[Author]

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