Financial Reporting

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Financial Reporting

Financial Reporting
 

As a corporation 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.

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.

 

  1. Audit Engagement

    An Audit Engagement provides the highest level of assurance. Audits are generally required for external users of the financial statements, such as shareholders or lenders, or because of regulatory or legislative requirements.

    Audits require more in-depth procedures such as observation, inspection, confirmation, reperformance and recalculation. During the audit engagement we will generate a detailed schematic of your businesses internal controls and may provide suggestions for improvements. The Audit Report provides an opinion as to whether the financial statements are fairly stated, in all material respects, accordance with the appropriate framework.

  2. Review Engagement

    Review engagements provide some level of assurance but at a lower level of an audit. A review engagement is also generally required by an external user or because of regulatory or legislative requirements.

    Procedures are less in depth and consist primarily of analysis, inquiry, and discussion. The Review Engagement Report provides limited assurance that nothing has come to our attention to indicate the financial statements are not fairly presented, in all material respects, in accordance with the appropriate framework.

  3. Compilation Engagement

    A Compilation Engagement provides no assurance. The primary purpose of this engagement is to assist the business owner to compile their financial statements for income tax and business planning purposes. The Compilation Engagement Report clearly indicates our limited involvement, and that the financial information may not be appropriate for general purpose use.

  4. International Financial Reporting Statements (IFRS)

    In certain circumstances your business might need to prepare financial statements in accordance with IFRS accounting standards. McIntyre & Associates is familiar with IFRS accounting standards, and we can assist you with understanding and applying the standards.

  5. Other Assurance Engagements

    You may require us to provide a report on information other than financial statements, including examples such as:

    • Assessment of internal controls
    • Compliance with agreements
    • Certain financial information such as sales, operating expenses, assets or liabilities

    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.

Interested in learning more?

If you are interested in any of the above services or you are unsure and want to see which service meets you business needs, please contact us at (613) 726-7788

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