Financial statements are a formal record of the financial activities of a business or individual person over a period of time and/or the financial position of a business or individual person at a point in time. Management is responsible for preparing financial statements; however, in some cases organizations without financial expertise may engage the services of CPAs to prepare financial statements on their behalf.
Professionally compiled business financial statements make it easier to understand exactly what the numbers really mean. Reliable and accurate financial statements are necessary for any business and is an important tool to make sound business decisions. CPAs provide three levels of service with respect to communications on financial statements: audit, review, and compilation.
Often the need for business financial statements is driven by the need to file tax returns (personal, corporate and trust), minimize, plan, and determine tax liabilities and support business decisions.
Scott Gray, CPA, CMA financial statement preparation services include:
These services are conducted in accordance with relevant ethical requirements set out in rules of professional conduct/codes of ethics issued by the various provincial accounting bodies and applicable to the practice of public accounting.
These rules/codes apply to the services provided by CPAs and generally cover the following fundamental principles of professional ethics: