When a compilation may fit.
A compilation engagement brings financial information together using records supplied by management and an identified basis of accounting. It may be appropriate where the intended users do not require assurance.
The engagement produces compiled financial information and a compilation engagement report. It is not an audit or a review, and provides no assurance.
Start with the intended reader.
Tell us who will use the information and why. If a bank requests financial statements, get its exact requirements before choosing the engagement. A compilation may not satisfy a requirement for reviewed or audited statements.
Agree on what is included.
- The financial information and compilation report to be prepared.
- The applicable basis of accounting.
- The records and explanations management will provide.
- Whether corporate tax preparation, GST/HST filings or planning discussions are included.
- Any separate bookkeeping cleanup required.
Bookkeeping is separate.
Our existing compilation offering does not include bookkeeping by default. Recurring bookkeeping or year-end catch-up work can be discussed separately. Management remains responsible for the financial information.
Understand the other options.
Review and audit engagements provide different levels of assurance and require different work. We explain these options in our guide; they are not advertised as CKPC service offerings on this development website.
Let’s find the right starting point.
Tell us what you need and we’ll discuss scope, timing and fees before work begins.
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