Mississippi Municipal Compilation Services

Financial advisor and Mississippi municipal officials reviewing organized financial records for an annual compilation.

Preparing the municipality’s annual financial report does not have to become a last-minute scramble. When the accounting records, supporting information, and required schedules are organized, municipal leaders can approach the process with a clearer understanding of what is ready, what still needs attention, and what comes next.

KYNU works alongside municipal officials to organize the financial information, prepare the applicable cash-basis financial statements and required schedules, complete the compilation and related agreed-upon procedures, and assemble the final reporting package. Together, we create a practical path from the municipality’s records to a completed report prepared in accordance with applicable professional standards and the requirements prescribed by the Mississippi Office of the State Auditor.

Talk With KYNU About Municipal Compilation

Is This Service Right for You?

When Municipal Compilation Services May Be the Right Fit

Mississippi municipalities are subject to annual financial reporting requirements, but the appropriate reporting option depends on the municipality’s financial activity and other applicable requirements. Municipal compilation services may be appropriate when:

The lower of the municipality’s total revenues or total expenditures is less than $1.5 million for the applicable fiscal year.
The municipality is not required to have a federal single audit or another type of financial audit for the applicable fiscal year.
The municipality needs its financial records organized and presented using the applicable cash-basis reporting framework.
Required financial statements, notes, and supporting schedules need to be prepared for the annual reporting package.
The Municipal Compliance Questionnaire and prescribed agreed-upon procedures must be addressed as part of the reporting process.
Municipal officials want professional guidance in understanding what is needed and completing the most recent annual report, one or more reports from prior years, or both.

Confirming the appropriate reporting option at the beginning helps the municipality understand what is required, what information must be provided, and how the compilation and related procedures will proceed.

This service is intended specifically for Mississippi municipalities that qualify for the compilation and agreed-upon procedures reporting option. Municipalities required to have a financial audit or federal single audit will need a different reporting service. Some municipalities with very limited financial activity may be eligible to request an exemption from the Mississippi Office of the State Auditor.

How KYNU Can Help

Practical Support for the Municipal Compilation Process

KYNU helps bring the municipality’s financial information into an organized and understandable reporting process. We work with municipal officials to identify what is needed, prepare the applicable financial statements and schedules, and address questions as the work moves forward.

Review and Organize Financial Records

We review the municipality’s accounting records, fund activity, bank reconciliations, and supporting information to identify missing items, inconsistencies, or areas that may need attention.

Prepare Cash-Basis Financial Statements

We prepare the applicable cash-basis financial statements, including the Statement of Cash Receipts and Disbursements by fund and related notes when required.

Develop Required Financial Schedules

We prepare the applicable supporting schedules for investments, long-term debt, surety bonds, and other financial information required for the municipality’s reporting package.

Support the Municipal Compliance Questionnaire

We help municipal officials understand the information needed for the Municipal Compliance Questionnaire and organize the documentation supporting their responses. Municipal officials remain responsible for completing and signing the questionnaire and recording it in the official minutes.

Perform Required Agreed-Upon Procedures

We perform the prescribed procedures for the applicable financial and compliance areas and clearly communicate the results to municipal officials.

Assemble the Reporting Package

We bring the applicable financial statements, schedules, compilation report, and agreed-upon procedures report together into an organized reporting package. We also coordinate final questions and help the municipality prepare for the required submission.

The Value of Preparation

A Practical Path to Current
and Timely Reporting

Whether the municipality is preparing its most recent annual report or completing reports from prior years, an organized process helps the work move forward with clarity and purpose.

A Clear Starting Point. We identify the annual report or reports to be completed, determine what financial information is available, and clarify what is still needed to begin the work.
An Organized Reporting Process. Financial information is organized by reporting year so municipal officials can move through the most recent report efficiently and, when needed, address prior-year reports in a practical order.
Fewer Avoidable Delays. Missing records, unresolved differences, and other questions are identified as early as possible so they can be addressed promptly, helping reduce delays in completing the report.
Stronger Reporting Going Forward. Completing each report and organizing the underlying financial information helps municipalities that are current stay current, while giving municipalities with prior-year reports a clear path toward bringing their reporting up to date.

The KYNU Municipal Compilation Process

A Practical Process for Completing
the Annual Report

Every municipality begins in a different place. KYNU uses a clear, step-by-step process to determine what is needed, organize the financial information, and keep the annual report moving toward completion.

Confirm

Identify the reporting year or years to be completed and confirm whether the municipality qualifies for the compilation and agreed-upon procedures option for each year.

Gather

Provide a tailored information request and work with municipal officials to gather the accounting records, bank information, supporting documents, and other financial information needed for each reporting year.

Prepare

Prepare the applicable cash-basis financial statements, notes, and supporting schedules and communicate any questions or additional information needed.

Complete

Complete the compilation and prescribed agreed-upon procedures and communicate any matters requiring clarification or follow-up.

Finalize

Resolve the remaining items, assemble the completed reporting package, and explain the next steps for submission and applicable public-notice requirements.

CONFIRM → GATHER → PREPARE → COMPLETE → FINALIZE

Getting Started

From Initial Conversation
to Municipal Compilation

Getting started begins with a conversation about the municipality’s reporting needs, the annual report or reports to be completed, and the financial information currently available.

Start With a Conversation

Tell us which reporting year or years need to be completed, where the municipality currently stands, and any known concerns or challenges. KYNU will listen, ask questions, and help identify the appropriate next step.

Confirm the Reporting Service

We review the preliminary financial information needed to confirm whether the compilation and agreed-upon procedures option is appropriate for each reporting year. We also clarify the service scope, responsibilities, information needed, and anticipated process.

Begin the Municipal Compilation Process

Once the services are outlined in the engagement letter and the requested information is available, KYNU begins organizing the financial information, preparing the applicable reports, and keeping municipal officials informed as the work progresses.

Before We Begin

Important Information for Municipal Officials

Clear expectations help KYNU and municipal officials establish a practical and productive working relationship.

Eligibility Is Confirmed for Each Reporting Year. Eligibility for the compilation and agreed-upon procedures reporting option must be determined separately for each fiscal year. Applicable considerations include the lower of the municipality’s total revenues or total expenditures and whether the municipality is required to have a federal single audit or another type of audit. Some municipalities with very limited financial activity may be eligible to request an exemption from the Mississippi Office of the State Auditor. Approval of an exemption is determined by the State Auditor’s Office.
A Compilation Is Not an Audit. A compilation presents financial information without providing an audit opinion or assurance on the financial statements. The related agreed-upon procedures report communicates the results of the specific procedures performed; it does not provide an audit opinion or conclusion.
Municipal Officials Retain Important Responsibilities. Municipal officials remain responsible for the municipality’s financial records, the accuracy and completeness of the information provided, management decisions, internal controls, and compliance with applicable requirements. Municipal officials are also responsible for completing and signing the Municipal Compliance Questionnaire and recording it in the official minutes as required.
Timely and Complete Information Supports Progress. The completion timeline depends on the completeness and organization of the financial records and the availability of the requested information. Providing complete records and responding to questions promptly helps keep the report moving toward completion. When multiple reporting years are involved, the work may be completed one year at a time.
Submission and Public-Notice Requirements Still Apply. After the report is completed, the municipality remains responsible for meeting the applicable submission and public-notice requirements. KYNU will help municipal officials understand the next steps and the information needed to complete them.
Official Guidance Is Available. Review the Mississippi Municipal Audit and Accounting Guide →

Take the Next Step

Ready to Move the Annual Report Forward?

Whether your municipality is preparing its most recent annual report or completing reports from prior years, KYNU is ready to help bring the financial information together and create a clear path toward completion.

Let’s begin with a conversation about where the municipality stands, which report or reports need to be completed, and the most practical next step.