604-576-8540 info@malikcpa.ca
Accounting

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

Monday – Friday: 9am – 5pm Saturday: By appointment Sunday: Closed

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

What People Say About Us

lillian mashburn
lillian mashburn
2024-01-15
Ahmad was referred to me by a mututal friend. I have dual citizenships - Canada and USA. I am a resident in USA. I asked Ahmad about completing my Canadian Tax return as I have sold my condo in Canada last year (2023). He started immedialty asking me relevant questions. That can only happen with an experienced accountant. After giving him details of my sale and withholding tax, he advised that I do not need to file the Canadian tax but to declare in USA. That will save me an accountant fee ( his fee) and stress. I truly appreciate his honesty and expertise. Wish there are more accountants like him. Thanks Ahmad!
Tracy Bot
Tracy Bot
2023-03-25
He was able to fit me in on a Saturday, very professional, fast and affordable!
Waqar Qadeer
Waqar Qadeer
2023-01-18
I am using Ahmad's services for both personal and business tax filing for over 5 years. I am very satisfied customer. Ahmad is very professional, knowledgeable person. I highly recommend him.
Home Hardware
Home Hardware
2023-01-18
Been using Ahmad for a year now for all of my bookkeeping and year end taxes. He is very timely, accurate and easy to talk to, and he explains things in a manner which you can understand. Highly recommend.
Sam T
Sam T
2023-01-18
Ahmad Malik has been doing my personal and company taxes for a few years now and I am very happy with the service. He is professional and reliable. Also takes the time to explain and do your work professionally and in a time efficient manner. I would highly recommend business taxes as that is his expertise.
Chris Reid
Chris Reid
2023-01-18
Ahmad and staff have been great to work with. You get the knowledge and direction of a large firm with the personalized service that is generally lacking in other outfits. I would certainly recommend Ahmad Malik & Company.
Navjot Kaur
Navjot Kaur
2021-07-26
Perfect explanation for my questions related to tax service.
paramjeet kaur sra
paramjeet kaur sra
2021-06-17
He is awesome 👏 I just called him about my tax file problem. Right away he responded and solved it really appreciate for him.