Sharon Thiessen Professional Corporation Chartered Professional Accountant
As soon as you start to think about your business, an accountant can help you take the next steps. We can discuss your business's organization, tax purposes and operations, along with target pricing and profit margins.
Get some impartial advice from an accountant before you consult the bank. A bank will want to see a strong business plan and organized records. Let us help you get ready for your business's next step!
There are three different engagements: audit, review and compilation.
A compilation requires the accountant to simply present financial statements based on the numbers provided by management, with no effort to verify this information.
A review requires the accountant is required to conduct analytical procedures and makes inquiries to ascertain whether information contained in the financial statements is correct. This results in a limited level of assurance that the financial statements that are presented do not require any material modifications.
An audit requires the auditor to corroborate the ending balances in the client's accounts and disclosures. (We do not offer audit services at this time. We have a network of public accountants that we can recommend and we are able to prepare the necessary work required by the auditor to make the transition as smooth as possible.)
Management Responsibility: In all three engagements, the accountant begins with the account balances provided by management. An audit requires a lot of corroboration of this information. A review requires some testing of the information. a compilation almost entirely relies on the information as presented by management.
Work: An audit requires a significant number of hours to complete, since there are many audit procedures and testing to be done. A review requires fewer hours. The effort required for a compilation is less than that of a review.
Cost: The cost of each engagement varies because the amount of effort required to preform each is quite different. The audit is the most expensive option compared to a review or a compilation
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