How do I tell if I need business financial statements?

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. Most sets of business financial statements in Toronto of owner-managed enterprises are prepared for one or more of three groups of users: managers, owners and banks or other creditors.

In many jurisdictions business financial statements, income statement and balance sheet are required by law for most corporations. Please review the requirements of your corporation based on the jurisdiction in which your business is incorporated.

If your company is incorporated in Ontario, you can learn more about business financial statements in Toronto by simply viewing the link below:

https://www.fin.gov.on.ca/en/bulletins/ct/4002.html.

Our reporting, accounting and business financial statement services include:

Determining the appropriate level of reporting

Our professionals at the firm determine the appropriate level of reporting by gathering extensive information about your company, its operating environment, and strengths and weaknesses. In addition to identifying the client’s needs, it is also necessary to identify the needs of other users of the financial statements.

Audit Engagement Report

Provides highest level of assurance on financial statements of a business. It is a methodical review and objective examination of the business financial statements in Toronto. The work that is required during an audit is reviewing internal controls, testing selected transactions and communicating with third parties. Based on findings, the chartered accountant firm issues a report on whether the business financial statements are fairly stated and free of material misstatements.

Review Engagement Report

Provides moderate level of assurance (and provides no opinion) on business financial statements in Toronto. Our Chartered Accountants at the firm gather sufficient evidence and perform sufficient procedures upon which to form a negative form of communication regarding whether the information being assured is fairly presented.

Notice to Readers

Business financial statements prepared without audit or review. As Chartered Accountants in Toronto we compile business financial statements for clients and present information that is a “representation of management” and expresses no opinion or assurance on the statements.

Generally, banks and other creditors usually want audited or reviewed business financial statements in Toronto as part of their lending covenants.