A compilation or notice to reader engagement consists of receiving information from you as our client and as your accountants, we will arrange and process it to form financial statements. The objective is to ensure that the information provided to us is arithmetically correct and that to the best of our knowledge, it is not false and misleading.
Review engagements are designed for entities that do not require an audit opinion to meet their needs but want more assurance that is provided with a compilation engagement. Many owner-managed entities do not need an audit engagement but do require some limited assurance on the annual financial statements for presentation to the bank or as required by Corporate Affairs.
The purpose of an audit is to enhance the degree of confidence of intended users in the financial statements. This is achieved by the expression of an opinion by an auditor whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework such as International Financial Reporting Standards ("IFRS"), Accounting Standards for Private Enterprises ("ASPE"), Accounting Standards for Not-for-Profit Organizations ("ASNPO"), Accounting Standards for Pension Plans ("ASPP") and Public Sector Accounting Standards ("PSA").