The preparation of financial statements is of paramount importance to entrepreneurs, as it is a key element in decision-making and planning the company's future activities.
To ensure the reliability and credibility of these financial statements, it is common practice to call on CPA accountants, who can carry out different types of engagement offering varying levels of assurance: the compilation engagement, the review engagement and the audit engagement. The aim of each of these engagements is to ensure that the financial statements comply with current accounting standards.
An opinion is a written document issued by an independent accountant or auditor who reviews a company's financial statements. It is based on accounting data and information provided by the company's management. It is important to note that the notice to reader is neither a review nor an audit engagement, which means that the CPA provides no assurance as to the quality of the financial statements.
The notice to reader provides a minimum of information and can be used, in certain cases, by financial institutions to obtain a loan. However, it is crucial to bear in mind that the financial statements obtained through the Notice to Reader may not meet all your company's needs. It is therefore essential to consider whether this approach is sufficient to meet your specific needs before proceeding.
The compilation engagement is directly linked to the notice to reader. During a compilation engagement, a chartered accountant compiles the company's financial data into financial statements. The final document produced by the accountant then takes the form of a notice to reader.
Since June 2009, only chartered accountants (CPAs) holding the CA, CGA or CMA designations have been authorized to sign financial statements. However, if the financial statements are to be used for internal purposes only, a non-certified accountant is authorized to sign them.
The annual production of financial statements is the responsibility of every business owner. It's crucial that the information they contain is accurate and a true reflection of the company's situation.
To ensure that the information contained in your financial statements is valid, Bankeo puts you in touch with certified accountants who can help you prepare this document.
Don't hesitate to contact us if you would like to find an accountant to carry out a notice to reader or if you have other needs for carrying out your company taxes. https://www.bankeo.ca/
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