Financial statements provide both a snapshot of a company’s financial position at a point in time as well as a summary of its profits or losses over a period of time. If the information on these statements does not comply with reporting requirements, the company may lose its strategic advantage, customers, financing, etc. We can ensure that your financial statements are accurate and that they provide the appropriate level of assurance to their readers. We can provide financial statements as follows depending on your need of assurance:
Compilation (Notice to Reader)
A set of financial statements that are simply compiled by us (with information provided by your management) provide no assurance of accuracy to their readers. However, for an owner-operated company with limited to no financing, this is likely the ideal option. These statements will serve as a starting point to complying with required reporting to Canadian tax authorities.
Financial statements that are reviewed provide all of the benefits of a compiled set of financial statements as well as some assurance to their readers, but not the level of assurance that would be provided with an audit. A review engagement will include notes to the financial statements in accordance with Canadian Accounting Standards and will usually be provided to companies as a result of a required compliance by the bank or wide-spread ownership group.
We currently are not accepting clients looking for audited financial statements. However, for comparative purposes, audited financial statements provide all of the benefits of a review engagement as well as the highest degree of assurance to the readers of the financial statements. However, it is important to note that an audit does not guarantee perfect accuracy.