We offer a wide variety of services to meet your bank and the government’s reporting requirements:
General Index of Financial Information (GIFI) Engagement
We prepare the GIFI information required to complete the company’s T2 Corporate Income Tax Return and related Provincial returns. We will not review the information provided for accuracy or completion. This is the most affordable engagement for us to assist you with.
Notice to Reader Financial Statements
We complete a compilation of your financial information to provide you and your various stakeholders with a set of financial statements based on the information provided to us. As Chartered Accountants we are satisfied that the information is not false or misleading, however, we do not perform procedures to ensure the accuracy or completeness of the information provided.
The compiled statements usually consist of a balance sheet, income statement, and statement of retained earnings. As compiled statements are not required to follow generally accepted accounting principles (GAAP), a “Notice to Reader” report is attached describing the work performed.
If the users of the financial statements do not require assurance, this is the most affordable way to have accountant prepared financial statements. In addition to preparing the statements, we also prepare the company’s related T2 Corporate Income Tax Return and related Provincial returns.
Reviewed Financial Statements
We perform various analytic procedures to ensure that sufficient work has been performed on the balances provided by management to ensure that the financial statements are plausible. This is achieved through the analysis of account balances, reviewing accounts for consistency, and enquiring with management for any unusual items noted.
Unlike “Notice to Reader” financial statements, Reviewed Statements must comply with GAAP. The compliance with GAAP requires us to follow detailed procedures and ensure note disclosure of all material balances is complete. The additional time required for these statements increases the related cost from a Notice to Reader engagement. In addition to preparing the statements, we also prepare the company’s related T2 Corporate Income Tax Return and related Provincial returns.
If your company has inactive shareholders, large loan balances, or significant leveraged assets, reviewed financial statements are often required.
Contact us today for your free consultation.