As an operating business it is important to prepare annual financial statements to get a sense of the performance for the year and for future planning. Depending on the stakeholders involved, you may require an audit, a review or a compilation. As a full service accounting firm we can advise you on which engagement suits your needs.
An Audit Engagement provides the highest level of assurance, and can only be performed by licensed Chartered Professional Accountants. Audits are generally required for external users of the financial statements, such as shareholders or banks, or as a result of regulatory or legislative requirements. During the audit engagement we will generate a detailed schematic of your businesses internal controls and provide suggestions for improvements. The Audit Report provides an opinion as to whether the financial statements have been prepared in accordance with the generally accepted accounting principles.
The next level of assurance is provided by a Review Engagement. Through the use of inquiry, discussion and analysis, the Review Engagement Report provides limited assurance as to the plausibility of the financial statements.
A Compilation Engagement is provided if you require assistance in compiling financial statements, but do not require that we provide any assurance regarding such statements. The Notice to Reader Report clearly indicates our limited involvement and that the financial statements may not be appropriate for general purpose use. A Compilation Engagement is usually prepared primarily for income tax purposes and for internal business planning.
Regardless of the type of financial reporting you require, we will finish the year-end engagement with a meeting to discuss and review the financial statements. We will also use this opportunity to review your overall financial situation and to determine whether any tax-planning opportunities exist.
In certain circumstances your business might need to prepare financial statements under the IFRS accounting standards. McIntyre & Associates is familiar with IFRS accounting standards and we can assist you with understanding and applying the standards.
You may require us to provide an Audit Report on information other than financial statements, including examples such as:
If you are interested in any of the above services or you are unsure and want to see which service best meets your business needs please contact us.