A&C Accounting And Tax Services
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Compilation Report
We have compiled the accompanying statement of cash receipts and disbursements of IBS Industrial Parts, Sole Proprietorship owned by Jerold Benjamin for the months ending as of December
31 2005, in accordance with Statements on Standards for Accounting and Review services issued by the American Institute of Certified Public Accountants. The financial Statements have been preprared on the accrued basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles.A compilation is limited to presenting in the form of financial statements information that is the representation of management (the owners) have not audited or reviewed the accompanying statement of cash receipts and disbursements and, accordingly, do not express an opinion or any other form of assurance on it.
Management has ( The owners have ) elected to omit substantially all of the disclosures ordinarily included in a financial statement prepared on the Accrued basis of accounting. If the omitted disclosures were included in the financial statement, they might influence the user ' s conclusions about the Company' s cash receipts and disbursements. Accordingly, this financial statement is not designed of those who are not informed about such matters.
Sincerely,
Peter Tran
Company Officer