CLBN LLP helps small and medium-sized businesses across Greater Vancouver prepare year-end financial information through compilation engagements. We work with owner-managed companies, including Canadian-controlled private corporations (CCPCs), and can coordinate your compilation with bookkeeping and corporate tax services.
What Is a Compilation Engagement?
In a compilation engagement, a CPA applies accounting expertise to help management prepare financial information using the records and explanations management provides.
The engagement is performed under Canadian Standard on Related Services (CSRS) 4200. The compiled financial information includes a note explaining the basis of accounting used and is accompanied by a compilation engagement report.
A compilation provides no assurance. It does not involve the verification procedures performed in an audit or review. Management remains responsible for the financial information, the accuracy and completeness of the underlying records, and the selection of an appropriate basis of accounting.
Why Choose CLBN as Your Vancouver Accountant for Compilation Engagements?
We begin by understanding your business, accounting records and reporting needs. Our compilation work includes preparing the agreed financial information, discussing necessary adjustments with management, and issuing the compilation engagement report.
We can also coordinate related services, with the scope agreed separately:
Bookkeeping
Bookkeeping and accounting record cleanups.
Corporate Tax
Corporate income tax return preparation.
Tax Planning
Tax planning for your company and its shareholders.
Ongoing Support
Ongoing accounting support as your business grows.
Is a Compilation Right for Your Business?
A compilation may be appropriate when you need professionally prepared financial information and the intended users do not require assurance.
For example, your business may need year-end financial information for its owners or a lender that accepts compiled statements. Before proceeding, we discuss who will use the information and confirm whether a compilation is suitable.
If your bank requires reviewed or audited financial statements, a compilation will not satisfy that requirement. Confirm your lender’s requirements early, particularly when applying for financing or renewing a credit facility.