Clearly Accounting provides three levels of service (audit, review or compilation) with respect to communications on financial statements, or other specified financial or performance information.
Audit, review or compilation standards apply to the audit, review or compilation of all entities including:
- Private sector for-profit companies
- Not-for-profit charities and P3
- Law firms and real estate brokers trust account review
Because of the differences in the nature and amount of work done, the cost to perform an audit, review or compilation varies accordingly. Each of the services lends a different level of assurance, or credibility, to the financial statements or information. For each service, Clearly Accounting provides a different communication, or report, which sets out the extent of work performed and the degree of responsibility accepted by Clearly Accounting. An overview of these communications is available in the green banner below.
The purpose of Clearly Accounting’s report is to protect, to an appropriate degree, those who rely on the accuracy of your financial information. It’s kind of like a warranty! It also helps you get what you need; a new partner, investment, a lease, a loan, a big sale…because people can trust your information.
Like any warranty, it is important to understand exactly what is covered. If you would like to know more about the specific assurance standards to be applied to your entity, or to determine the level of assurance appropriate for your needs, please feel free to contact us.