Accounting Services in Surrey

Financial Statements

Financial statements are not only a requirement by Revenue Canada but an essential tool in knowing your company’s financial position. They will show a business owner how well their business has performed over a two-year comparative. They are proof of business income and are required by banks and other financial institutions to obtain business loans and other financial assistance.

Our staff 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.

Depending on the size and requirements of your business, Bouchard & Company will prepare financial statements with one of the following two levels of reports:

• Compilation Engagement (Also known as a Notice to Reader)
  A Notice to Reader compiles “unaudited” financial information provided by our clients into financial statements. A Compilation Engagement is generally appropriate for most small to medium sized businesses where ownership is closely held. Once the financial statements are prepared and reviewed, they are used as the base for preparing the corporate tax return.

• Review Engagement
  A Review Engagement is conducted to provide limited assurance that there are no material misstatements in the financial statements. Review Engagements are generally appropriate as small businesses grow and either need significant bank financing or the share structure is more widely held. The Review Engagement process is not a full audit, but rather provides limited assurance that the financial statements conform to generally accepted accounting principles. A review must be performed by an independent accountant who has sufficient knowledge of the business’ industry and operations. The client is responsible to provide sufficient information and be available for enquiries and discussion with our accountants during the analytical process.