Financial Statements

We provide financial reporting on all three levels of assurance.  We will help you choose the option that’s right for you:

Compilation Report

Least Costly
Average turnaround time - 6 weeks

Compilation engagement is often referred to as a  Notice to Reader, after the name of the report that is issued.

The objective of a compilation engagement is to assemble unaudited financial information into financial statements, schedules or reports based on information supplied by you.

It is appropriate where you and other users do not need financial information that conforms in all respects to generally accepted accounting principles. 

The statements are normally for management’s use and tax filing.

Review Engagement Report

Primarily for tax filing
Average turnaround time - 9 weeks

The objective is to determine whether or not the financial statements are plausible, that is, worthy of belief.

Reviews provide limited assurance that your financial information conforms to generally accepted accounting principles. 

In performing a review we will learn about your business through intelligent research and assessment of our findings, with the limited objective of determining the plausibility of the information you have reported on. The review process involves research, analytical procedures and discussion with you.

Audit Engagement Report

Most expensive
Average turnaround time - 12 weeks

The objective of an audit engagement is to render an opinion on the fairness of your financial statements.

Federal and provincial legislation in Canada generally requires a corporation to prepare annual financial statements for audit by qualified independent auditors. 

The financial statements subject to audit are the responsibility of your company’s management. As your auditors, our responsibility is to express an opinion on those financial statements. We must plan the audit to obtain reasonable assurance that the financial statements are free of material misstatement. Through the study and evaluation of your company’s system of internal control, and by inspection of documents, observation of assets, making of enquires within and outside your company, and by other generally accepted auditing procedures, we gather the evidence necessary to determine whether your financial statements present a fair picture of your company’s financial position and its activities during the period being audited.

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Garfield A. Fray,
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