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 Chartered Accountant
Financial Statement

Financial Statement Preparation
Financial statements are professionally prepared. We can prepare audit, review engagement or compilation financial statements based on your requirements. We add value by sharing ideas and presenting the information in an understandable way.The preparation of financial statements on a regular basis is vital to the fiscal health of your company. These statements, generally prepared on a monthly basis, provide you with a picture of your company's assets and liabilities, and show you your year-to-date revenues and expenses.

If prepared properly, a financial statement will provide information much more useful than mere actual figures to date. If you are working with a budget, they can help demonstrate to you how your actual results vary from what you had anticipated. Done on a regular basis, finanacial statements can highlight areas of concern soon enough for you to take remedial action. A well-prepared financial statements will also use your budget, your actual results, and any additional information to forecast your year-end figures. This is an extremely useful management tool, giving you greater control to make decisions from an informed viewpoint.

Audit Engagements
When there are many important sources of capital and the amounts in question are considerable, users generally request audited financial statements. We assess the reliability of systems, and company records through the use of tests or other means, and confirm the relevant information with external sources in order to substantiate our report. This results in a high degree of reliability. The information from the report may lead to recommendations to improve the internal control system.

Review Engagement
This type of report is most often used to meet the needs of small to medium enterprises. The examination is essentially a study of the plausibility of the financial data. At Stephen Shessel CA, we'll examine the information provided by management and compare it to the business sector in question and to previous figures.

Audit Procedures Include:

  • Planning the mandate
  • Knowledge of the company's business
  • Assessment of internal control
  • Risk evaluation
  • Development of an audit strategy
  • Compliance tests
  • Corroborating tests
  • Evaluating the results from the tests
  • Draft letter of recommendations
  • Reviewing financial statements
  • Validating the letter of recommendations
  • Comments from executives
  • Drafting reports
  • Submitting reports

Review Procedures Include:

  • Planning the mandate
  • Knowledge of the company's business
  • Development of the strategy of review
  • Compiling information
  • Analytical procedures
  • Discussions with the people in charge
  • Assessing the plausibility of the information
  • Drafting reports
  • Submitting the report

Compilation Report
When the users are few, normally a sole shareholder / manager, and the company's operations are fairly straightforward, we simply compile the financial data into a recognized form. We attach a Notice to Reader mentioning that the figures presented have not been audited or reviewed.

These kinds of reports may also apply to all financial information other than financial statements, such as financial projections or forecast.
We will consult with you in order to determine which kind of report best fulfills your needs and those of the people referring to your financial statements. Compilation Procedures Include:

  • Planning the mandate
  • Compiling information
  • Any bookkeeping necessary

Your business performance can only benefit by the use of carefully prepared financial statements.