We will evaluate your company’s financial reporting requirements and fiscal goals in order to recommend a compilation, review or audit engagement.
A compilation engagement is only suitable for internal use by management or for limited use, such as income tax reporting.
No assurance is provided by the accountant to the user of the financial information and a CPA is not associated with financial information he or she knows, or has reason to believe, is misleading or incorrect. If you chose to provide a compilation engagement financial statement to your bank it is your responsibility to respond to your banker’s questions.
We may recommend compilation if:
- You require interim financial statements to supplement your annual review or audit,
- The business is small,
- A Charity or Not for Profit organization that does not require reviewed financial statements
- The business is owned by members of one family,
- There are no lenders or insurers who will rely on the financial statements,
- Your needs for financial planning, tax planning, and accounting system advice are very limited,
- You require the financial statements primarily for your own use and for tax purposes.
Review of Financial Information
A review provides a level of assurance to financial statement users.
A company will engage an accountant to prepare a review of financial information to provide some assurance to creditors, potential lenders, potential business purchasers and shareholders.
We may recommend a review if there are no requirements for an audit and:
- You rely on banks or other lenders for financing,
- If your company is growing and you need more in-depth financial reporting
- Your financial statements may be relied upon by potential purchasers of the business,
- There are minority, inactive shareholders or unrelated shareholders.
- A Charity or Not for Profit organization required to provide reviewed financial statements
- A review would improve our capacity to provide you with financial planning or tax planning services or advice concerning your accounting methods.
The audit is comprised of an examination of the accounting records and other data supporting the financial statements.
The auditor will compile the evidence required to verify whether the financial statements render an acceptable representation of the company's financial position and its activities during the period being audited. The auditor's report will include a professional opinion on the financial statements.
We may recommend an audit if:
- Your bank or other lender requires an audit,
- Your insurance company requires an audit,
- The shareholders require or request an audit,
- Your regulatory body requires an audit.
- A Not-For Profit may require an audit to secure funding or to retain Charitable Status.
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