Corporate Financial Statements and Reporting
Most businesses require financial statements for banking purposes, effective business management and to ensure compliance with CRA’s requirements.
- Are we in compliance with the CRA’s requirements for financial statements?
- Are my financial statements providing meaningful information enabling me to manage our operations more effectively?
- Would investors or banks get a true picture of our financial performance?
- Have we performed an appropriate level of analysis, assurance and verification depending on the level of assurance required by the nature of the business, it’s structure and organization?
One of your key decisions, as a business owner/manager, is the selection of the appropriate level of assurance consistent with your business needs. The following options provide different levels of assurance and detail in their reporting packages:
The provision of financial statements and a “Notice to Reader”. Our accountants will assemble your business numbers and create your financial statements. Other than the identification and correction of obvious errors discovered in the process of compilation, no additional assurance is provided with the financial statements. (A Notice to Reader is an unaudited financial statement prepared by a Chartered Accountant.)
More detailed reports are attached to the financial statements. Our accountant(s) in performing the Review Engagement will perform a more detailed analysis consistent with the Canadian Accounting Standards for Private Enterprises and, where appropriate additional disclosures may be made. In addition to the preparation of Financial Statements, more detailed information may be collected, analyzed and reported including information about capital assets about capital assets, short and long-term debt and information about shareholder.s or other related parties and share capital for corporations. Balance sheets, cash flow statements and operations may be included.