Our clients include Canadian and foreign individuals, owner-managed businesses and private companies, professionals and their corporations, condominium corporations, non-profit organizations, and registered charities.

Edwin Law CA, CFP

Licensed Public Accountant

 
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Assurance & Compilation
 
 
Audit and Review Assurance of Financial Statements
 
For most of our clients, audit or review of financial statements are generally required as a condition of a bank loan, capital injection by outside investors, or a sale of business, for our provision of audit or review level of assurance that their financial statements are not materially misstated.  As chartered accountants, in performing our audit or review services, we are obliged to conduct certain procedures to comply with the Canadian Auditing Standards set by the Canadian Institute of Chartered Accountants.  Generally, a review engagement would be sufficient to satisfy the assurance requirements of most users of financial statements.  However, in cases of significant transactions, the users may require a higher level of audit assurance of financial statements.
 
 
Compilation of Financial Statements
 
Until recently, Canada had only one single financial reporting framework, referred to as Generally accepted accounting principles (GAAP), and the financial statements of all Canadian legal entities were required to be prepared in accordance GAAP.  Nowdays, depending on the type of the legal entities, financial statements are prepared in accordance with one of the following financial reporting frameworks:
  • International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board;
  • Canadian accounting standards for private enterprises;
  • Canadian accounting standards for not-for-profit organizations;
  • Canadian accounting standards for pension plans; and
  • Canadian public sector accounting standards.

Financial statements prepared in accordance with one of theabove-mentioned financial reporting frameworks are required for many purposes, including but not limited to the following:

  • Managerial assessment of the financial performance of a business;
  • Compliance with creditors' requirements;
  • Filing of corporate income tax returns; and
  • Sale of business or shares of corporation.
We help our clients to compile their financial statements in accordance with the appropirate financial reporting frameworks, based on their books of records.  No assurance is provided with our compilation services.
 
 
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Anything we can help?  Feel free to contact us or give Edwin a call at 416-986-7700.
 

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