FINANCIAL STATEMENT COMPILATION
Providing the financial information of either a company or an individual, a compiled financial statement includes such details as income and expenses, cash flow, and assets and liabilities. A vital tool in the making of effective management decisions, these statements aren’t always easy to compile without expert guidance, and establishing the difference between a statement review, a statement compilation and an audit, isn’t always easy to get to grips with. That’s where we come in.
In a quandary with your financial statement? Let Ahmad Malik and Co do their work to make your management decisions, a breeze.
So, what is the difference between a financial statement review, a compilation and an audit, and what are their advantages? Let’s look at each one in a little more detail:
Financial statement compilation
A compilation engagement presents financial information that expresses no opinion, nor gives any guarantee, as to how accurate the source data may be. With the information received then replicated in the compilation statement.
Financial statement review
Data is reviewed by a CPA using a process of basic validation, inquiry, analytical procedures and professional judgement in which the businesses accounting practices are reviewed, any inconsistent findings are investigated, and unusual transactions are looked into, providing limited assurance. Should you wish to identify any opportunities for improving or needs to provide a third party with some assurance, this is a great way of doing so without the need for a full audit.
Financial statement audit
To help determine whether a financial statement has been prepared in accordance with the relevant framework for reporting, an audit engagement typically involves a team of accounting experts scrutinizing all business procedures, internal controls, and accounting systems, and carrying out interviews with key members of staff.
FINANCIAL STATEMENT COMPILATION
Providing the financial information of either a company or an individual, a compiled financial statement includes such details as income and expenses, cash flow, and assets and liabilities. A vital tool in the making of effective management decisions, these statements aren’t always easy to compile without expert guidance, and establishing the difference between a statement review, a statement compilation and an audit, isn’t always easy to get to grips with. That’s where we come in.
In a quandary with your financial statement? Let Ahmad Malik and Co do their work to make your management decisions, a breeze.
So, what is the difference between a financial statement review, a compilation and an audit, and what are their advantages? Let’s look at each one in a little more detail:
Financial statement compilation
A compilation engagement presents financial information that expresses no opinion, nor gives any guarantee, as to how accurate the source data may be. With the information received then replicated in the compilation statement.
Financial statement review
Data is reviewed by a CPA using a process of basic validation, inquiry, analytical procedures and professional judgement in which the businesses accounting practices are reviewed, any inconsistent findings are investigated, and unusual transactions are looked into, providing limited assurance. Should you wish to identify any opportunities for improving or needs to provide a third party with some assurance, this is a great way of doing so without the need for a full audit.
Financial statement audit
To help determine whether a financial statement has been prepared in accordance with the relevant framework for reporting, an audit engagement typically involves a team of accounting experts scrutinizing all business procedures, internal controls, and accounting systems, and carrying out interviews with key members of staff.
For help with your financial statement compilation, trust the experts at Ahmad Malik & Co
Qualified and experienced in financial statement reviews and compilations, our entire team are at your service, no matter the size of your company. To engage with us and seek our professional help, simply reach out to us on the number given, complete the online inquiry form, or drop in and see us at the earliest.
For help with your financial statement compilation, trust the experts at Ahmad Malik & Co
Qualified and experienced in financial statement reviews and compilations, our entire team are at your service, no matter the size of your company. To engage with us and seek our professional help, simply reach out to us on the number given, complete the online inquiry form, or drop in and see us at the earliest.
Get a personal consultation
Office
5627 176 A street #203, Surrey, BC V3S 4G8
Call Us
604-576-8540
Contact
info@malikcpa.ca
Open Hours
Get a personal consultation
Office
5627 176 A street #203, Surrey, BC V3S 4G8
Call Us
604-576-8540
Contact
info@malikcpa.ca
Open Hours
Monday – Friday: 9am – 5pm
Saturday: By appointment
Sunday: Closed
