At URSA Services, we have trained and developed exceptional accountants and bookkeepers to help lead and optimize your financial operations. Our bookkeepers and accountants possess high-level accounting knowledge and understanding of financial statements.
Our team of CPAs, Chartered and Management Accountants, and bookkeepers have been trained and acquired the concepts of forensic accounting. We dig into the historical transactions and records, create accurate balance sheets and cash flow statements, and correct errors when needed.
Our ideal clients range from small to medium-sized businesses. We are experienced in QuickBooks Online and have strong communication skills. We provide a full suite of financial services to help entrepreneurs and businesses reach their goals.
Our services are limited to only basic financial statement preparation and compilations. We do not conduct reviews or audits on your financial statements.
The Internal Revenue Code does not require a financial statement to be compiled, reviewed, or audited prior to preparing your return. Therefore, it is acceptable to use such a financial statement to prepare your taxes.
However, the IRS does require you to maintain good records to help you:
According to the IRS, you may choose any recordkeeping system suited to your business that clearly shows your income and expenses. A good recordkeeping system includes a summary of your business transactions.
A compilation, by its very nature, does not involve an independent examination by the accountant of the financial information on which the financial data provided by the client is based. Unaudited financial statements are merely compilations of information obtained from the client or business owner, as such, do not reflect the professional opinion of URSA services.
A compilation is the lowest level of assurance regarding an entity's financial statements. When we compile or prepare your books, we do not express an opinion or any level of assurance. URSA services also need not verify or corroborate the financial statement information.
In summary, the primary difference between a compilation and an audit is the degree and amount of responsibility undertaken by the accountant. In an audited engagement, the accountant assumes responsibility for the accuracy of the figures, in effect warranting the reliability of the report which he prepares.
By contrast, in an unaudited engagement, the accountant does not warrant and is not responsible for the ultimate accuracy of the report if the figures supplied by the client are erroneous. For these reasons, a compilation is understood as the lowest level of assurance regarding an entity's financial statement, whereas an audit provides the highest level of assurance.
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