Financial Statement
DHARMESH M. LAKHANI, CPA AN ACCOUNTING, CONSULTING & TAX SERVICE PROVIDER provides financial statement services such as audit, review, and compilation. The quality control standards we adhere to are designed to provide assurance that we will provide your organization with a professional service that meets or exceeds the standards of our profession. We have experience and extensive training in working with specialized reporting standards for Non-profit organizations, employee benefit plans, and common interest realty associations.
Comparative Financial Statements
Comparative financial statements go hand in hand with our bookkeeping service. Once we record all of the information we generate a set of comprehensive financial statements. We oversee these reports and based on your numbers we communicate ways to help you increase your profitability and reduce your tax liability. Monitoring and understanding your numbers is one of the keys to increasing your profitability.
Reporting & Compilation
Through our CPA compilation services, we prepare monthly, quarterly, or annual financial statements. However, he or she offers no assurance as to whether material, or significant, changes are necessary for the statements to be in conformity with generally accepted accounting principles, the cash basis, or the income tax basis of accounting. During a compilation, the data is simply arranged into conventional financial statement form. No probing is conducted beneath the surface unless the CPA becomes aware that the data provided is in error or is incomplete.
Review
A private entity may engage a CPA to perform a review of its financial statements and issue a report that provides limited assurance that material changes to the financial statements are not necessary. With respect to reliability and assurance, a review falls between a compilation, which provides no assurance, and the more extensive assurance of an audit.
Audits
An audit is appropriate for entities that must offer a higher level of assurance to outside parties. An unqualified opinion from a CPA after an audit provides reasonable assurance to stakeholders that the entity's financial statements fairly present its financial position and results of operation in accordance with certain accounting principles.