Financial statements are not only a requirement by Revenue Canada but an essential tool in knowing your company’s financial position. They will show an owner or a partnership how well their business has performed over a two year comparative. They are proof of business income and are required by bank and other financial institutions to obtain business loans and other financial assistance.
Our accredited accountants will professionally prepare your financial statements with your company’s best interests at heart. It is important to us that your financial information is recorded accurately and is easy to understand while helping you to save a bit more of your hard earned money.
Depending on the size and requirements of your business, financial Statements will be prepared with one of the following three levels of reports:
Also known as a Notice to Reader, a Notice to Reader compiles unaudited financial information provided by our clients into financial statements. Financial statements with this designation are not required to go through a review process and therefor any assurance on the reliability of the Compilation Engagement is not required. The Compilation Engagement’s appropriate use is when a business and it’s shareholders are not in need of audited or reviewed financial statements that conform to generally accepted accounting principals.
The purpose of a Review Engagement is to prepare and review financial statements to be certain that they are true to the best of our knowledge. For proof of review, a standard review report signed by one of our Principals will precede the financial statements. The Review Engagement process is not a full audit, but rather provides limited assurance that the financial statements conforms to generally accepted accounting principals. A review must be performed by an independent accountant and have sufficient knowledge of the business’ industry and operations. The client is responsible to provide sufficient information, be available for enquiries and discussion with our accountants during the analytical process.
Audited financial statements are the accepted means many businesses use to report to shareholders, bankers, creditors and government. The content of the financial statements is always the responsibility of the business management and owners, with the auditor expressing only an opinion as to their worthiness in presenting a fair picture of the company’s position. During the audit process evidence is gathered through generally accepted auditing procedures, including but not limited to, the study and evaluation of the company’s system of internal control, inspection of documents, and internal and external inquiries about the company, in order to obtain reasonable assurance that the financial statements are free of material misstatement.
Call today and let us make your next financial reporting easier for you.