Format of accountant's report (srs 4410)

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23 February 2017 ACCOUNTANT’S REPORT ON COMPILATION OF
UNAUDITED FINANCIAL STATEMENTS

On the basis of the accounting records and other information and explanation provided to us, we have compiled the unaudited balance sheet of “Mr. XYZ” as at 31st March, XXX and the related profit and loss for the period then ended.

“Mr. XYZ” is responsible for –

(a) Completeness and accuracy of the underlying data and complete disclosure of all material and relevant information to the accountant.
(b) Maintaining adequate accounting and other records and internal controls and selecting and applying appropriate accounting policies.
(c) Preparation and presentations of financial statements in accordance with the applicable laws and regulations, if any.
(d) Establishing controls to safeguard the assets of the entity and preventing and detecting frauds or other irregularities.
(e) Establishing controls for ensuring that the activities of the entity are carried out in accordance with the applicable laws and regulations and preventing and detecting any non-compliance.

The compilation engagement was carried out by us in accordance with the Standard on Related Services (SRS) 4410, “Engagements to Compile Financial Information”, issued by the ICAI.

The balance sheet and the profit and loss account are in agreement with the books of account. We have not audited or reviewed these financial statements and accordingly express no opinion thereon.

IS THE ABOVE FORMAT “CORRECT AND ACCURATE”???

Asha Kanta Sharma online

Asha Kanta Sharma

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25 July 2024 The format you provided for the accountant's report on compilation of unaudited financial statements generally follows the requirements and standards set out in SRS 4410 issued by the Institute of Chartered Accountants of India (ICAI). Here are a few suggestions to ensure accuracy and completeness:

1. **Title and Introductory Statement**: Start with a clear title indicating it's an Accountant’s Report on Compilation of Unaudited Financial Statements.

2. **Introductory Paragraph**: Clearly state the basis of the report, mentioning that it's based on the accounting records and other information provided to you.

3. **Responsibilities of the Entity (Mr. XYZ)**: Ensure clarity in outlining Mr. XYZ's responsibilities. It's good practice to list these responsibilities in a bulleted format for better readability and understanding.

4. **Engagement Details**: Mention that the compilation engagement was performed in accordance with SRS 4410 issued by ICAI.

5. **Conclusion**: Clearly state that the compilation engagement does not involve an audit or review of the financial statements, and therefore, no opinion is expressed on the financial statements themselves.

6. **Signature and Date**: Ensure that the report is signed by the accountant or the accounting firm, along with the date of issuance.

Here's a refined version of your format:

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**Accountant’s Report on Compilation of Unaudited Financial Statements**

**To: [Name of Client/Entity]**

**Subject: Compilation of Unaudited Financial Statements**

On the basis of the accounting records and other information and explanation provided to us, we have compiled the unaudited balance sheet of “Mr. XYZ” as at 31st March, XXX and the related profit and loss for the period then ended.

**Responsibilities of Mr. XYZ:**
- Completeness and accuracy of the underlying data and complete disclosure of all material and relevant information to the accountant.
- Maintaining adequate accounting and other records and internal controls and selecting and applying appropriate accounting policies.
- Preparation and presentations of financial statements in accordance with the applicable laws and regulations, if any.
- Establishing controls to safeguard the assets of the entity and preventing and detecting frauds or other irregularities.
- Establishing controls for ensuring that the activities of the entity are carried out in accordance with the applicable laws and regulations and preventing and detecting any non-compliance.

The compilation engagement was carried out by us in accordance with the Standard on Related Services (SRS) 4410, “Engagements to Compile Financial Information”, issued by the ICAI.

The balance sheet and the profit and loss account are in agreement with the books of account. We have not audited or reviewed these financial statements and accordingly express no opinion thereon.

For [Name of the Accounting Firm]
[Signature of the Accountant]
[Name of the Accountant]
[Designation]
[Date]

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**Note:**
- Customize the details such as the name of the entity, date, and specific responsibilities based on the engagement.
- Ensure that the language is clear and precise, adhering to professional standards.
- The format and content should align with the specific requirements of SRS 4410 and any additional local regulatory requirements.

This format should provide a clear and accurate representation of an accountant's report on the compilation of unaudited financial statements. Adjustments can be made based on specific engagement details and requirements.