Review -

A review of financial statements includes primarily applying analytical procedures to the financial data and making inquiries of management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole.

Compilation -

A compilation of financial statements is the presentation of financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in accordance with the financial reporting framework.  A compilation does not contemplate performing inquiry, analytical procedures, or other procedures performed in a review.

Preparation -

The preparation of financial statements pursuant to a specified financial reporting framework.