Year-end business financial statements, such as income statements and balance sheets, are pertinent for most corporations. The balance sheet is a snap shot of what the company owns versus what the company owes at its year-end date. The income statement is a time-based report showing the profit or loss for a particular period in time.
Often a requirement for financial statements is driven by the need to file tax returns (personal, corporate and trust), determine tax liabilities, and support business decisions. The detailed information contained in your financial statements are also an important tool for management, lenders, and potential purchasers of the business.
Whether you are a recently formed business with no accounting systems in place or you already have a bookkeeper, we can put a professional financial statement package together for you and take the stress out of meeting your reporting requirements.
We will determine the appropriate level of reporting by gathering extensive information about your company, its operating environment, and its strengths and weaknesses. In addition to identifying the needs of your business, we will also identify the needs of other users of the financial statements. Generally, banks and other creditors want audited or reviewed financial statements as part of their lending requirements.
Are financial statements prepared without an audit or review. As chartered accountants, we compile business financial statements for clients and present information that is a “representation of management” and expresses no opinion or assurance on the statements.
Provides a moderate level of assurance (and provides no opinion) on financial statements. We gather sufficient evidence and perform sufficient procedures upon which to determine whether the information being assured is fairly presented.
Provides highest level of assurance on the financial statements of a business. It is a methodical review and objective examination of its financial statements. The work performed during an audit involves reviewing internal controls, testing selected transactions, and communicating with third parties. Based on these findings, we will issue a report on whether the business financial statements are fairly stated and free of material misstatements.