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CHARTERED PROFESSIONAL ACCOUNTANTS
FINANCIAL INFORMATION
Compilation Engagement
Review Engagement
Audit Engagement
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Compilation (previously known as Notice to Reader or NTR) financial statements is lower in cost to prepare, however, it does not provide assurance that a review or audit would. An accountant will compile the information into a standardized reporting format while adhering to professional standards as opposed to providing an opinion, or conclusion, about the reliability of the financial information. There is a large amount of work that
must be performed to prepare the financials. It is through this process, that an accountant will become aware
of the key items that are reflected in the income tax return.
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Compilation, a common form of preparing financial statements, are marked as being unaudited and are often
all that is required when preparing most small business tax returns. Furthermore, compiled financial statements usually do not follow Generally Accepted Accounting Principles (GAAP).
Compilation
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A review engagement financial statement is narrower in scope than an audit. All Review Engagements follow the Canadian Standards for Review Engagements CSRE 2400 reporting on Accounting Standards for Private Enterprises “ASPE” or Accounting Standards for Not For Profit Organizations “ASNPO” as set forth by CPA Canada.
Review engagements are usually requested by lenders or investors. The reporting includes a full set of financial statements including balance sheet, income statement, cash flow statement, a summary of significant accounting policies and notes to the financial statements.
Review
Maintaining accurate and verifiable financial records can be a challenge for any business or entrepreneur.
We have the experience to make sure it’s as easy as possible.
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A financial statement audit is the examination of an entity's financial statements and accompanying disclosures by an independent auditor. The purpose of a financial audit is to provide an opinion on the fairness of the presentation of the financial statements. This is performed through independent examination of the organization and the financial statements.
An audit is usually required by third party users such as lenders or investors or for Not For Profit organizations.
Audits are performed under the Canadian Auditing Standards reporting on Accounting Standards for Private Enterprises “ASPE” or Accounting Standards for Not For Profit Organizations “ASNPO” as set forth by CPA Canada. The reporting includes a full set of financial statements including balance sheet, income statement, cash flow statement, a summary of significant accounting policies and notes to the financial statements.
Audit Engagement
