James Pai CPA PLLC

Certified Public Accountants and Advisors
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Accounting and Audit

The level of service that our teams offer is strictly dependent upon your business needs. We provide the following types of services:

A compilation entails preparing monthly, quarterly, or annual financial statements of private entities based on information provided by the entity’s management; this is primarily useful to small, privately held entities that need help in preparing their financial statements. As statements are based on the information the client provides, compilations provide no assurance. No probing is conducted beneath the surface unless the data provided is in error or is incomplete. However, before performing a compilation, we provide assistance in determining whether our clients need other accounting services, such as help in adjusting accounting records.

A review is an inquiry into financial statements of private entities. As it involves a greater level of financial and business analysis, the resulting report provides limited assurance, falling between a compilation, which provides no assurance, and the more extensive assurance of an audit. In many instances, a review — with its limited assurance — may be adequate for a business or its creditors that must report their financial positions to third parties, such as creditors or regulatory agencies.

An audit is our most extensive service, and confers our highest level of assurance. In an audit, we confirm the reliability and integrity of financial statements; our assurance service includes confirming balances with banks or creditors, observing inventory counting, and testing selected transactions by examining supporting documents. By accumulating this type of evidence, we reduce the risk that financial statements are materially misstated. We then issue a report stating that the financial statements are presented fairly, in all material respects, in conformity with generally accepted accounting principles.

Agreed-Upon Procedures
We realize that each company is different; in characteristics, personality, operating structure, and business needs. Thus, we can also perform specific, client-requested procedures, and issue reports tailored to your particular needs.