Financial Statements

Compilation

(also known as Notice to Reader) is based upon client information provided and used primarily for internal purposes.  Standards have changed for years ending after December 14, 2021. This means a note is now required stating the basis of accounting used in the preparation of the financial information. The compilation engagement report must now disclose if third parties are using the financial information. The nature of the compilation engagement report expresses no opinion which means there is a caution on their use by readers.

Review

Some analytical procedures conducted with limited assurance. This means the financial statements are plausible and prepared according to Canadian standards for private or not-for-profit enterprises. The review procedures consist of enquiry, discussion, and analyses. The nature of the review engagement report expresses a negative assurance opinion which means nothing has come to the attention of the accountant to suggest otherwise.

Trust Examination

For realtors or lawyers if required.

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At Murphy and Murphy, Chartered Professional Accountants, we provide a full range of accounting and tax services designed to help you run your business more efficiently and profitably.  We look forward to being of service to you.

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