Preparation of financial statements has to be conducted in a specific order because the information from one statement can carry over to another statement. CPAs at Concept Accounting & Advisory Professional Corporation are experts in preparing financial statements and can ensure your statements are prepared in the required sequence.
Often the need for business financial statements is driven by the need to file tax returns (personal, corporate and trust), minimize, plan and determine tax liabilities and support business decisions. Most sets of business financial statements of owner-managed enterprises are prepared for one or more of three groups of users: managers, owners and banks or other creditors.
In many jurisdictions business financial statements, income statement and balance sheet are required by law for most corporations. Please review the requirements of your corporation based on the jurisdiction in which your business is incorporated.
Our professionals at the firm determine the appropriate level of reporting by gathering extensive information about your company, its operating environment, and strengths and weaknesses. In addition to identifying the client’s needs, it is also necessary to identify the needs of other users of the financial statements.
Provides highest level of assurance on financial statements of a business. It is a methodical review and objective examination of the business financial statements. The work that is required during an audit is reviewing internal controls, testing selected transactions and communicating with third parties. Based on findings, the chartered accountant firm issues a report on whether the business financial statements are fairly stated and free of material misstatements.
Provides moderate level of assurance (and provides no opinion) on business financial statements in Kitchener & Waterloo. Our Chartered Accountants at the firm gather sufficient evidence and perform sufficient procedures upon which to form a negative form of communication regarding whether the information being assured is fairly presented.
Business financial statements prepared without audit or review. As Chartered Accountants in Kitchener & Waterloo 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.
Generally, banks and other creditors usually want audited or reviewed business financial statements in Kitchener & Waterloo as part of their lending covenants.