Accounting services
Most independent businesses year-end filings require Compilation or Review financial statements, but some will require that their financial statements be Audited.
A Compilation (formerly a Notice to Reader) engagement is the most basic level of service provided by an accounting firm. In a compilation, the accounting firm must comply with certain basic requirements of professional standards, such as having knowledge of the business’ industry, having a clear understanding with the client as to the services to be provided, and reading the financial statements to determine whether they are false and/or misleading. It may be necessary for the accountants to perform "other accounting services" - such as creating your general ledger, or assisting you with adjusting entries for your books - before the financial statements can be prepared. Upon completion, a report on the financial statements is issued that states a compilation was performed, but no assurance is expressed. Compiled financial statements are often prepared for independent businesses that do not need a higher level of assurance expressed by the accountants. The fee for most compilations is approximately $3,000, which includes preparation of the company's tax return plus some owner/manager tax planning. If the bookkeeping is clean, we can often offer a discount; if it is clear that the engagement will be more time-consuming, we will consult with you before continuing and presenting you with a higher bill.
A Review of financial statements requires that the accountants perform inquiry and analytical procedures and discussion in addition to the procedures described above for a compilation. Upon completion, a report is issued stating that a review has been performed in accordance with Accounting Standards for Private Enterprises (ASPE) or International Financial Reporting Standards (IFRS), that a review is less in scope than an audit, and that the accounting firm did not become aware of any material modifications that should be made in order for the statements to be in conformity with the ASPE or IFRS standards. Reviewed financial statements are often prepared for entities that have bank loans, outside investors, or trade creditors, but those third parties do not require audited statements. Most reviews can be performed for approximately $10,000, plus $2,000 for the first year.
www.cameronburrows.ca/contact.html
A Compilation (formerly a Notice to Reader) engagement is the most basic level of service provided by an accounting firm. In a compilation, the accounting firm must comply with certain basic requirements of professional standards, such as having knowledge of the business’ industry, having a clear understanding with the client as to the services to be provided, and reading the financial statements to determine whether they are false and/or misleading. It may be necessary for the accountants to perform "other accounting services" - such as creating your general ledger, or assisting you with adjusting entries for your books - before the financial statements can be prepared. Upon completion, a report on the financial statements is issued that states a compilation was performed, but no assurance is expressed. Compiled financial statements are often prepared for independent businesses that do not need a higher level of assurance expressed by the accountants. The fee for most compilations is approximately $3,000, which includes preparation of the company's tax return plus some owner/manager tax planning. If the bookkeeping is clean, we can often offer a discount; if it is clear that the engagement will be more time-consuming, we will consult with you before continuing and presenting you with a higher bill.
A Review of financial statements requires that the accountants perform inquiry and analytical procedures and discussion in addition to the procedures described above for a compilation. Upon completion, a report is issued stating that a review has been performed in accordance with Accounting Standards for Private Enterprises (ASPE) or International Financial Reporting Standards (IFRS), that a review is less in scope than an audit, and that the accounting firm did not become aware of any material modifications that should be made in order for the statements to be in conformity with the ASPE or IFRS standards. Reviewed financial statements are often prepared for entities that have bank loans, outside investors, or trade creditors, but those third parties do not require audited statements. Most reviews can be performed for approximately $10,000, plus $2,000 for the first year.
www.cameronburrows.ca/contact.html