Financial Statement Services (Under Contruction)

Financial Statement Services We prepare different types of Financial Statements for our clients. Compilation The compilation engagement is a service provided to clients who require professional accounting assistance in compiling financial statements from client information. These engagements vary in scope and include compilation of incidental schedules, partial or complete financial statements for an interim period, and complete sets of financial statements for year end. The objective in a compilation engagement is to arrange financial information obtained from the client in the form of financial statements. Information presented should be arithmetically correct; however, the accounting firm is not required to verify the accuracy or completeness of the information and no expression of assurance is provided. Review A review involves the limited objective of assessing whether the information covered by the review engagement report is plausible. Plausible means believable with reference to the accountant's knowledge of the entity and the circumstances of the engagement. Review procedures consist of enquiry, analytical procedures and discussion related to information supplied by the client. A review does not require the professional accountant to seek supporting or independent evidence or to study or evaluate internal control. It does not normally include procedures such as physical inspection of assets, confirmation of accounts by persons outside the entity, or other procedures usually performed during an audit. However, a professional accountant should perform additional or more extensive procedures, which may include audit procedures, when there is reason to doubt the plausibility of information obtained through enquiry, analytical procedures, and discussion. Audit In an audit engagement, we provide a high level of assurance that the information subject to audit is free of material misstatement, or error, and is in accordance with a framework of accepted reporting criteria, which is usually Canadian generally accepted accounting principles (Canadian GAAP). This is achieved by performing audit procedures that comply with generally accepted auditing standards. If the objective of the audit is met, high assurance is expressed in the auditor's report by the expression ". . . these financial statements present fairly, in all material respects, the financial position. Because of the higher level of assurance, readers will place greater reliance on the information presented