For a business enterprise, all the relevant financial information, presented in a structured manner and in a form that is easy to understand, is called the financial statements. We offer several services to help you improve the preparation of your financial statements.
First, we can review your current statements and position and give you our opinion on how to improve your business health. Our team will also look over your figures and make sure they are in accordance with Canadian accounting standards, including Accounting Standards for Private Enterprises (ASPE).
What’s included
- Balance sheet (statement of financial position)
- Income statement and statement of retained earnings
- Notes to the financial statements where required
- Compilation engagements under CSRS 4200 (formerly “Notice to Reader”)
- Year-end adjusting entries, accruals and amortization schedules
- Review of your trial balance and clean-up of prior-year issues
- Plain-language walkthrough of results and key ratios
Why it matters
Accurate statements are the foundation of your corporate tax return, and banks, landlords and investors often ask for them. Good statements also show you where your margins, cash flow and debt really stand.
How it works
- Year-end checklist. We send a simple list of what we need.
- Adjustments. We reconcile accounts and record year-end entries.
- Draft review. You receive draft statements and we walk through them together.
- Final package. Final statements are issued and used to prepare your T2.
FAQs
What is the difference between a compilation, a review and an audit?
A compilation presents your financial information without providing assurance. A review provides limited assurance through inquiry and analysis, and an audit provides reasonable assurance through detailed testing. Most small private corporations only need a compilation unless a lender or agreement requires more.