Review engagement is one of the key services offered by Accountor CPA. Our firm also provides its clients with compilations, adhering to the highest professional standards, and scrupulously follows the guidance in CSRE 2400.A101; 2400.A102; and 2400.A103. What follows is a discussion of how Accountor CPA distinguishes itself from its competitors, and how our company adds value to your business.
What Are Review Engagement Services?
The above entails examining financial statements to : the statements are reviewed so that it may be credibly concluded that they are free from material misstatements. Review engagements are required for businesses looking to raise capital with investors, satisfying lender requirements and for internal shareholders requiring a certain level of assurance over the financial information presented. Our review process is unsurpassed in the accounting sector and the best in Canada. We will use leading software tools and our skilled staff to ensure that any review we conduct is performed in the most efficient and effective manner. Review engagements require analytical procedures over financial information. Our internally designed tools allow for easier data analysis and extraction leading to better results. We likewise offer review support that can be customized to meet your specific business needs. Our engagements will follow the latest CSRE 2400 standard as required by CPA Canada. We will take care of the auditing/reporting process so that you have nothing to fear from third-party auditors.
What Are Compilation Services?
Compilations involve an outside Chartered Professional Accountant (CPA) preparing financial statements upon information provided by the organization. A new standard was rolled out, effective December 14, 2021 – the 2021 CSRS 4200 standard for compilation engagements – and Accountor swiftly adopted the new standard. Generally, compilations do not pursue additional efforts to ensure that the information provided by the organization, and ultimately presented by the organization to stakeholders or outside parties, is in complete conformity with pertinent frameworks and regulations. At Accountor CPA, however, we take compilations very seriously and work closely with all of our clients to ensure that care and attention defines our treatment of every compilation report we complete for our valued clientele. With Accountor CPA at your side, you never have to worry about missteps. With Accountor CPA, every report you receive from us will provide exactly the information you need, will acknowledge areas of concern, and will protect you from an unwanted risk.
What Separates Accountor’s Services from Everyone Else?
Our process emphasizes a level of thoroughness that inevitably assures a higher level of compliance and peace of mind than you will find with anyone else. We are Canada’s leader for a reason. We are distinguished by our keen analytics, rigorous methodologies, and close discussions with you to identify any issues before they become problematic. Review engagement and compilation services from Accountor CPA involve iterative feedback and a degree of attention and care that you will not find anywhere else. Our review process is marked by professionalism, the use of the latest methodologies and software packages, and close interaction with our clients so that we may offer valuable recommendations to improve internal processes associated with financial reporting and taxation. It should be emphasized that.
We offer variable costs for different types of services because we know that not all of them are the same or are necessarily of equal importance to your company. We are not here to burden you with additional costs but, instead, we are here to protect you from needless exposure to risk. When we deliver a report to you, we satisfy the highest in industry standards. We also offer a pathway to ensuring that potential issues are immediately resolved and a support staff that will work tirelessly on your behalf to prevent any future financial statements or reports from running afoul of current legislation or guidelines.
Accountor’s Compilations and Review Services Are Second to None, and Here Is Some of What We Do for You:
- Accountor CPA will provide talented and accredited staff to ensure you receive a rigorous review engagement at the outset;
- Our review process utilizes a wide array of methodologies to ensure complete plausibility;
- Our compilation engagement will be distinguished by lower costs to you, and by a thorough understanding of your company operations;
- We offer customized and scalable costing depending upon the compilation engagement and/or review engagement tasks required.
- We offer a thorough mastery of all Compilation Engagement statements across all industries and sectors;
- Our NTR statements are carefully tailored to conform to the highest standards for reports to owners, banks and creditors, investors, for business sales, and for income tax filing;
- We are industry leaders in independent review engagement and in crafting reports that offer nuanced and comprehensive data We furnish sample reviews; review engagement letters; and industry-leading review engagement financial statements that are marked by attention to detail and high standards;
- We will help you craft a review engagement checklist that will cover all the bases and prevent external challenges and exposure to risk;
- Our skilled and experienced staff is uniquely positioned to furnish all of the components of an NTR within the Canadian context. In everything we do for you, we will be well-versed in the scope of limitation and nature of the assignment so that no oversights occur.
Accountor CPA Follows CSRE 2400.A101, CSRE 2400.A102, CSRE 2400.A103 Standards
- Obtain and update an understanding of the business entity and its environment;
- Identify areas in all financial statements where errors or misstatements may arise;
- Identify any departures from anticipated trends or from norms/values in the financial statements received;
- Offer additional procedures when the practitioner recognizes that financial misstatements exist; this may also feature corroborative evidence about line items or financial disclosures.
- Proficient use of various methods, from simple comparisons to complex analyses involving statistical techniques;
- Apply analytical procedures to evaluate financial information and the nature of relationships between bits of evidence;
- Seek out various types of evidence to confirm findings.
- Practitioner must have a keen insight into what data is consistent with the successful resolution of intended purposes;
- Practitioner must ensure that the information utilized is readily available to independent outside sources;
- Practitioner must ensure that information is comparable and adjusted as needed to be comparable to broad industry data;
- Practitioner must know the nature of the data and its relevance to report imperatives;
- Practitioners must embrace controls that guarantee completeness, accuracy, and validity.
Frequently Asked Questions (FAQs):
What is the CSRE 2400 standard?
The CSRE 2400 provides guidance on how to conduct analytical procedures during the course of a review.
What is the purpose of review engagement services?
The above are designed to provide a measure of confidence that the financial documents provided by a firm accurately reflect value and financial performance.
What are the main elements of a review engagement?
The key elements are the following: discussion with the client and the receipt of pertinent information; use of various comparative analytical/forensic procedures to test the credibility of the information; issuance of a report stating that no evidence exists of a breach of reporting guidelines.
Why is the review engagement important?
The above is vital because it affirms to stakeholders and regulators that company financial statements are plausible or credible.
Who needs a review engagement?
Any publicly traded company that has stakeholders, and seeks to provide moderate assurance for the validity of their financial data, will require a review engagement.
What is the CPA review engagement letter?
The letter affirms our understanding of the terms and objectives of the engagement and the nature/limitations of our intervention.
Who can prepare review engagement financial statements?
The above should be prepared by a chartered professional accountant.
How does Accountor CPA conduct a review engagement?
Accountor CPA speaks first to clients about the scope and nature of the review, and requests all pertinent information to ensure that the final report offers limited/negative or assurance that financial statements are free from material misstatements. Our commitment to negative assurance guarantees that no unexpected details emerge which might otherwise raise concern. Accountor CPA also scrupulously follows all of the components of CSRE 2400 to ensure the best analytical procedures are deployed to achieve efficiency and effectiveness.
How long does it take to prepare a review engagement with Accountor CPA?
A proper engagement review will usually take no more than a few weeks, possibly less. Accountor CPA always works to produce final reports in a timely manner.
What does Accountor CPA do differently?
Accountor CPA has industry-leading professionals and uses the latest analytical software to produce high-quality reports in a timely fashion.
What is the Accountor CPA edge?
We offer outstanding services at variable rates to accommodate your budget and employ best-in-industry software and analytical procedures.