Business owners occasionally need an accurate “snapshot” of a company’s financial status.  Cloister Tax Services offers Financial Compilation services for clients who want a financial overview of their company, but don’t want the type of formal & often costly audit or review that is provided by CPAs.  A Compilation is by definition, “… a critical reading of a set of financial statements… that appear to be free of obvious material errors.”¹

The reasons for this type of Compilation service vary; however, some of the more common reasons include:

  • Assure management that internal bookkeeping staff is handling transactions correctly
  • Provide source documents from which a tax return is prepared
  • Assess the financial health and well-being of a business or non-profit

Note: Cloister Tax Services is not a CPA office and therefore cannot provide the types of duly audited financial review services provided by CPAs that are often required by banks, financial institutions, insurers, etc.  Should you need the services of a Pennsylvania CPA, please contact the Pennsylvania Institute of CPAs or visit their Web Site at

¹ J. Gregory Kashella, CPA, “Give a Little More Respect to the Undervalued Compilation Engagement,” The Pennsylvania Institute of CPAs, Fall 2010, 11 January 2011 <>