Financial Statements

Compiliations (prev. Notice to Readers)

With & Without Notes to Financial Statements

Compiled Financial Statements (previously also known as notice to reader engagements) are financial statements that are compiled on the basis of information provided by the management of the company.

This form of financial statement is typically used when the main user of the financial statements is the government, as an attachment to the corporate income tax returns.

Reviewed Financial Statements

A review engagement is conducted to provide limited assurance (negative assurance) that nothing has come to the attention of the accountant that causes them to believe that the financial statements are not fairly presented. This requires more work than a compilation and is, therefore, more expensive. This type of engagement is often required for a significant bank loan or inactive shareholders.

A review differs slightly from an audit and provides less assurance than an audit as no audit procedures are performed. Instead, a series of analytical procedures and inquiries are performed. The procedures provide a better understanding of key relationships among certain numbers and financial situations which provides assurance about the plausibleness of the financial condition presented in the financial statements.

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