Does your business require financial statements prepared to meet requirements for external parties like investors and shareholders? MMCGAPC’s experienced staff can help you determine what type of business financial statements in Winnipeg best meet your needs. We can guide you through the process and help provide clarity to the readers of your business financial statements.
A Notice to Reader Financial Statement is a financial statement compilation engagement prepared by Certified General Accountants providing no assurance (and no opinion). The business financial statement has not been audited or reviewed, therefore it does not have the level of reliability associated with audits or review engagements. When firms offer no assurance on financial statements that they prepare or assist in preparing, they issue a Notice to Reader Financial Statement report.
It is still likely to be far superior to a business financial statement produced by an uncertified bookkeeper using accounting software. This is because the overall standards and experience of Certified General Accountants play a significant part in the process of preparing the business financial statements. The bookkeeper does not normally ensure that the accounts used to classify transactions are appropriate, and also does not usually enter transactions that are outside the daily routine of sales invoices, purchase invoices, cheques received and cheques issued. Since the certified general accountant simply compiles the business financial statements based on the information provided by the client, this service is also referred to as a Compilation Engagement.
When providing a notice to reader financial statement, Certified General Accountant firms must still comply with professional standards and abide by basic accounting principles. Despite providing no level of assurance on business financial statements, the accountant must apply professional judgement and consider the reasonability of the information provided by the client. Should the certified general accountant conclude the information is not reasonable, then the business financial statements cannot be prepared based on the data provided. The certified general accountant’s concerns must be satisfied for new financial information made available for the notice to reader financial statement or notice to reader report.
IF YOU LIKE TO FIND OUT IF YOUR ORGANIZATION REQUIRES NOTICE TO READER FINANCIAL STATEMENTS OR NOTICE TO READER ENGAGEMENT REPORT ATTACHED TO THE BUSINESS FINANCIAL STATEMENTS PLEASE EMAIL US AT MIKE@MCLENEHAN.COM OR CALL THE OFFICE AT 204-505-3113 TO SPEAK WITH ONE OF OUR EXPERIENCED ACCOUNTANTS. MMCGAPC WILL TAKE CARE OF YOUR NOTICE TO READER FINANCIAL STATEMENTS SO YOU CAN FOCUS ON WHAT’S IMPORTANT – THE SUCCESS OF YOUR BUSINESS!
