When CPAs prepare or assist in preparing financial statements, they are required under professional standards to issue a report on those financial statements. Our goal is to help decision makers make more informed and confident decisions by providing independent and professional opinions to reduce risk through incorrect information.

Arun Kumar, CPA provides all three levels of Assurance Report: Audit, Review and Compilation. The type of report required is determined by mutual agreement between the client and the CPA. This determination usually depends on many factors, such as the needs of the client, needs of creditors and/or investors, the size and complexity of the business and other factors. All publicly held enterprises are required by securities laws to provide annual audited financial statements. Credit agreements with Banks and private lenders may also require audited statements – even for a company that is privately held, however, privately held companies often opt for reviewed or compiled statements.

Regardless of the level of service performed by the CPA, the financial statements are the primary responsibility of the reporting entity. We are experienced in performing audits, reviews and compilations for entities of all kinds and sizes.

The Audit Report

An Audit Report is the highest level of service a CPA can provide to their clients. This service tends to be customized as CPAs do their work in detail and issue their opinion on financial statements in the form of audit report.

The Review Report

The Review Report is the second highest level of service. With a Review Report, the CPA performs analytical procedures and inquiry in addition to preparing the basic financial statement. Upon completion a report is issued which states that a review has been performed in accordance with AICPA professional standards; that the review is less in scope than an audit and provides what is known as “limited assurance”.

The Compiled Report

This is the most basic level of service provided to a client. Basic requirements of professional standards are performed, based on the financial information provided by the client. The CPA gathers the data and prepares the financial statements. Upon completion, a report on the financial statements is issued which states a compilation was performed in accordance with AICPA professional standards, but no assurance is expressed that the statements are in conformity with generally accepted accounting principals. No analytical procedures are applied.

It may be necessary for the CPA to perform “other accounting services”, such as creating a geneal ledger or assisting with ledger entries, before the financial statements can be prepared.

Financial Tools

Here are some useful and FREE Open Source Tools to help you maintain your records. Open Office works like MS Office and can also open MS Office files. Use PDF Creator if you need to publish a document that will open with Adobe Reader.

OPEN OFFICE
PDF CREATOR

Our Locations

UNITED STATES : 917.285.8749
CANADA : 647.638.3904
EMAIL : arun@aruncpa.com


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