My Notice to Reader currently looks something like this .. NOTICE TO READER I have compiled the balance sheet of [company name] as at [year end date] and the statement[s] of income and retained earnings [and of cash flows] for the year then ended from information provided by the company [or management or proprietor etc]. I have not audited, reviewed or otherwise attempted to verify the accuracy or completeness of such information. Accordingly I caution, that these financial statements may not be appropriate for the reader’s purposes. [my signature] [date] [location] Today .. in the “What’s New” section at the [More]
SUMMARY OF SERVICE An audit engagement is the highest level of professional involvement, including the application of generally accepted auditing standards in support of each significant financial statement item. Audits are required only in very specific circumstances which usually do not apply to private corporations. An Audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An Audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluate the overall financial statement presentation. Generally, you need a licensed Accountant to do the Audit, such as a [More]
SUMMARY OF SERVICE We will prepare unaudited annual financial statements, usually in either a bound or unbound format. The financial statements will be formal ‘typed’-looking statements, and contain Notes to the Financial Statements. A REVIEW ENGAGEMENT is a higher level of professional involvement, and there will be significantly more information that will be required, as well as unique informational requirements for your particular business. In a Review Engagement, the objective is to review the financial statements to determine whether they are plausible in the circumstances. Generally, review procedures consist of enquiries of, and discussions with, company personnel and consideration of [More]
SUMMARY OF SERVICE We will prepare unaudited annual financial statements, usually in either a bound or unbound format. The financial statements may be either computerized statements, or formal ‘typed’-looking statements. There will be no Notes to The Financial Statements. A NOTICE TO READER is a ‘Compilation Engagement’. We generally receive information supplied by the client and arrange it to form a financial statement. Our concern is that the information is arithmetically correct, not false or misleading. The Notice to Reader includes a comment that “We have not audited, reviewed or otherwise attempted to verify the accuracy or completeness of such [More]
The purpose of a financial statement is to enable a business to establish the result of its operations over a period of time and to determine its worth at a specific date. Financial statements are often prepared by business people to assist them in evaluating their financial condition. Sometimes it is necessary to provide specific financial statements at the request of a banker or supplier. Tax returns require a financial statement when a business is involved. Inhouse monthly financial statements can be in any form that is convenient or acceptable to management. When financial statements are provided to outside parties, [More]
I would describe the “PREPARATION OF FINANCIAL STATEMENTS” to be more than just the internally prepared monthly computerized statemenst. These are the final Year-End Financial Statements that you would give to your banker, to your debt holders, and what you based your personal or corporate income tax returns upon. I can help you with: Notice to Reader Review Engagement Reports Audit Report (special engagements with other C.A.’s) Review of Financial Information Shareholder and Owner Remuneration Calculations Income Tax Planning Take care. HART 1-800-HART