|
Compilation Services
Level of Assurance:A compilation engagement provides no assurance.
The Service:
For this type of report, we compile the financial statements on behalf of management from information provided by our client. It is not necessary to adhere to Canadian generally accepted accounting principles.
Sometimes estimated financial information is all our client needs (eg. estimated retail inventories for monthly management statements). Sometimes even incomplete information will suffice (eg. some accrued expenses may be overlooked for monthly management statements). Owners, management, and any third party users agree there’s no need for a review engagement to determine plausibility, or an audit examination to ensure fairness.
Our responsibility, as Chartered Accountants for a compilation engagement is to “compile” financial statements from information provided by management. We don’t attempt to test accuracy or completeness of the information provided, or to determine whether there are departures from Canadian generally accepted accounting principles. No expression of assurance is contemplated in a compilation engagement.
|
