There are three levels of financial statements that may be prepared for a client. The work required to issue each of these statements is specified by the CPA Canada (Chartered Professional Accountants Canada) and requires us to follow accounting principles and Canadian Auditing Standards, as outlined in the CPA Canada Handbook.
The audited financial statement provides the highest level of assurance relating to the accuracy of the financial statement. The second option is the review engagement. This statement is subject to less scrutiny than the audit however the financial information is examined to ensure it makes sense in the situation. The third option is the Notice to Reader engagement. Under this option, the financial statement is prepared from the client information and we do not review or audit the information.
At Sutherland Watt we provide all three levels of accounting and assurance services as described.