Understanding reports on financial statements: Audit, review and compilations
Help your clients learn about financial statements and the different levels of service a CPA can provide with respect to communications on the financial statements (i.e. audit, review or compilation).
Financial statements are a formal record of the financial activities of a business, person or other entity over a period of time and/or the financial position of a business, person or other entity at a point in time. CPA Canada has issued this guide to help CPAs educate their clients in understanding reports on financial statements and the different levels of service a CPA can provide (i.e., audit, review or compilation).
Your clients will learn about:
- applicable financial reporting frameworks
- the terms assurance and materiality
- audits, reviews and compilations