A compilation is the least expensive. An accountant will generally use the numbers you have generated and arrange them in a financial statement. The use of these statements for external uses is limited.
A financial statement review is more expensive. The accountant will take more time to verify that financial statements are accurate and reported according to Canadian generally accepted accounting principles.
Audit: the preparation of an audited financial statement requires extensive testing of balances and transactions. It is the most expensive and is generally not required for small business.
Lending institutions, fundors, regulators, investors and shareholders are interested parties who may require a more reliable type of financial statement. Audits or reviews are not required by Revenue Canada.
email: marymaci@tallships.ca
