Many companies do not need financial statements containing all required disclosures under a reporting framework, nor would they require the level of assurance provided by an audit or a review. Compilation engagements, instead, aggregate financial information supplied by the company and organize it in a way that is meaningful to the stakeholders. Compilations often accompany tax filings, are prepared for reporting purposes, included as part of merger or acquisition transactions, or just maintained as a form of governance.
Compilations enable access to professional expertise in a cost-effective way to assist stakeholders to understand the impact of future transactions on: cash flows, liquidity, tax obligations, or capital expenditures. Our practitioners work with your team to provide a professional and accurate look into the financial position of your organization with an objective to provide added-value through: identifying current risks, presenting information that should be important to you, and catering the resulting product to your needs.
A review comprises mainly of analytical review and inquiry. It provides less assurance than an audit, on whether the financial statements are in accordance with the applicable reporting framework (ASPE, IFRS, U.S. GAAP, etc.). The accountant is providing assurance that nothing has come to their attention that would indicate the financial information is not presented in accordance with the framework that is used.
A review is often performed for investors, lenders or potential acquirers, who may have security over the assets of your company, and therefore require less assurance over the amounts in your financial statements. Our firm works with your company to complete the review engagement to meet your stakeholders’ needs. Fully-licensed to complete review engagements and well-versed in a multitude of reporting frameworks, our mission is to provide an experience that is cost-efficient, effective, and free of surprises.
An audit provides external verification of the integrity of financial statements, through an expression of an opinion on whether the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework (ASPE, IFRS, U.S. GAAP, etc.). The audit report addresses the company’s financial position, the results of operations, cash flows, and necessary disclosures.
We offer a range of audit-related services, to meet the requirements of your stakeholders. An audit adds value in identifying controls, management and system issues, as well as providing regulatory oversight. Regulators and industry standards require certain standards for financial reporting and our firm possesses the knowledge and expertise to ensure your organization is in compliance with the applicable framework and requirements of your stakeholders.