Businesses run most efficiently and with the highest profitability when management has accurate, complete and timely information. We provide a full range of financial reporting options – we can prepare financial statements for you on a compilation basis, a review basis or an audit basis. We will help you choose the type of reporting that best suits your needs.
We can compile your financials
The objective of a compilation engagement is to assemble unaudited financial information into financial statements, schedules or reports based on information supplied by you. A compilation engagement is appropriate where you and other users do not need financial information that conforms in all respects to generally accepted accounting principles, audit or review assurance is not required, and you understand that the statements are normally for your own management and tax filing use. This is the most common type of financial statement prepared in Canada.
We can review your financials
The objective of a review engagement is to review financial statements to determine whether they are plausible, that is, worthy of belief. Reviews provide limited assurance that your financial information conforms to generally accepted accounting principles. In performing a review we will learn about your business through intelligent research and assessment of our findings, with the limited objective of determining the plausibility of the information you have reported on. The review process involves research, analytical procedures and discussion with you.
We can audit your financials
The objective of an audit engagement is to render an opinion on the fairness of your financial statements. Federal and provincial legislation in Canada generally requires a corporation to prepare annual financial statements for audit by qualified independent auditors. You may be exempted from the audit requirement if all shareholders agree, in writing, to waive the appointment of an auditor. The financial statements subject to audit are the responsibility of your company’s management. As your auditors, our responsibility is to express an opinion on those financial statements. We must plan the audit to obtain reasonable assurance that the financial statements are free of material misstatement. Through the study and evaluation of your company’s system of internal control, and by inspection of documents, observation of assets, making of enquires within and outside your company, and by other generally accepted auditing procedures, we gather the evidence necessary to determine whether your financial statements present a fair picture of your company’s financial position and its activities during the period being audited.
We provide Controllership Services
Independence is crucial to a review or audit engagement – which means we can’t provide you controllership services like recordkeeping or payroll and then also provide an independent review of them – you can imagine why! So if you do not require our review or audit services then we’d be pleased to offer you Controllership Services. Outsourcing this work to us will save you time and frustration and most importantly, you won’t fall behind on your books like so many businesses do. Once you are behind it’s so hard to get caught up and in the back of your mind you’ll know that if the CRA decides to audit any of your past tax returns, you are going to be in trouble. Let us keep you up to date!
Your Onsite Controller
We can provide you with the services of a professional accountant in your office on an as needed basis at a fraction of the cost of a full time employee. Imagine having accurate up to date financial reporting, with the interpretation of a TurnerMoore professional on a timely basis. Why not have someone qualified supervise your staff and maintain your systems?
Your Outsourced Controller
With your involvement and supervision, the trained staff of one of our partner offices can complete monthly recording of your business activities. Free your time for more important business management functions by engaging a TurnerMoore partner office to provide the following services as needed:
- Recording of transactions and preparation of the general ledger.
- Completion of key reconciliations. Accounts payable maintenance and payment.
- Accounts receivable maintenance and invoicing.
- Payroll processing. Personnel management advice.
Financial statements are available on a monthly basis with interpretation by a TurnerMoore professional to keep you up to date on your financial progress. Our accounting and bookkeeping services save you valuable time and allow you to focus on developing your business.