Financial statements are generally compiled using generally accepted accounting principles, also known as GAAP. A compiled financial statement is a specific name that relates to the financial statement having been reviewed or audited by an outside accountant.

A compiled financial statement has not been reviewed or certified by a third party. Companies often release compiled financial statements when timeliness of the financial information is of utmost importance, since having a financial statement certified can take some time.

Once a compiled financial statement has been reviewed, audited and certified, it then becomes a certified financial statement. Most corporations will use a certified public accountant who specializes and is licensed (where required) to audit and certify financial statements.