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INDEPENDENT ACCOUNTANT IS COMPILATION REPORT ON ANNUAL SURVEY OF CITY AND TOWN FINANCES PURSUANT TO SECTION 17105.1 OF TITLE 11 OF THE OKLAHOMA STATUTES Honorable Mayor and City Council City of Henrietta:

How to fill out independent accountant s compilation

How to fill out independent accountant's compilation:

1. Gather all relevant financial information - Before starting the compilation, collect all the necessary financial records, such as bank statements, invoices, receipts, and financial statements.
2. Review the accounting policies and procedures - Familiarize yourself with the company's accounting policies and procedures to ensure that the compilation is conducted according to the appropriate accounting standards.
3. Start with the balance sheet - Begin by preparing the balance sheet, which includes assets, liabilities, and equity. Input accurate figures for each category based on the financial records.
4. Move on to the income statement - Next, create the income statement, which shows the company's revenue, expenses, and net income. Calculate the totals for each section and ensure that all figures align with the financial records.
5. Prepare the cash flow statement - The cash flow statement demonstrates how cash moves in and out of the business. Analyze the cash inflows and outflows, including operating activities, investing activities, and financing activities.
6. Complete the notes to the financial statements - Include any necessary explanatory notes to provide additional context and clarification for the compiled financial statements. These notes may include significant accounting policies, contingencies, and related party transactions.
7. Review and double-check the compilation - Carefully review the compiled financial statements for any errors or inconsistencies. Make sure that the financial information is accurate, complete, and compliant with accounting standards.

Who needs independent accountant's compilation?

1. Small businesses - Independent accountant's compilations are often required for small businesses that need to present their financial statements to lenders, investors, or regulatory bodies.
2. Nonprofit organizations - Nonprofits may also need an independent accountant's compilation to meet legal and regulatory requirements, as well as to provide transparency to donors and stakeholders.
3. Startups looking for funding - When seeking investment or loans, startups may need to provide compiled financial statements to potential investors or lenders to showcase their financial position and credibility.
4. Companies preparing for an audit - Some companies may use an independent accountant's compilation as a stepping stone before undergoing a full audit. It helps them identify any issues or discrepancies in their financial records before the audit process.
5. Government entities - Government agencies may require independent accountant's compilations from certain entities to ensure compliance with accounting standards and financial reporting regulations.

Overall, independent accountant's compilations are beneficial for any organization that wants to present accurate and reliable financial information to various stakeholders.

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What is independent accountant's compilation?

Independent accountant's compilation is a financial statement that presents a company's financial information that is the representation of management without providing any assurance.

Who is required to file independent accountant's compilation?

Companies and organizations that are required to submit financial statements to stakeholders or regulatory authorities may need to file independent accountant's compilations.

How to fill out independent accountant's compilation?

Independent accountant's compilation can be filled out by providing financial information such as balance sheets, income statements, and cash flow statements to the independent accountant for compilation.

What is the purpose of independent accountant's compilation?

The purpose of independent accountant's compilation is to provide stakeholders with financial information that has been compiled by an independent accountant but does not provide any assurance on the financial statements.

What information must be reported on independent accountant's compilation?

Independent accountant's compilation must report financial information such as balance sheets, income statements, and cash flow statements.