Financial Statements

Preparing Financial Statements

At S&S Professional Corporation, we spend our time, expertise and resources to help our clients with preparing financial statements. Professionally compiled financial statements make it significantly easier for all stakeholders to grasp the true meaning behind the numbers. Reliable and accurate financial statements are crucial for any business and are widely regarded as essential tools for making informed business decisions.

Why Would I Need Business Financial Statements? 

The necessity often arises from requirements such as tax return filings (personal, corporate and trust). Tax liability assessment and planning and decision support. Business financial statements for owner-managed enterprises typically serve three main user groups: managers, owners and financial institutions or creditors.

In many jurisdictions, including Ontario, most companies are required to submit corporate financial statements, including profit and loss statements and balance sheets. You should be familiar with certain regulations depending on the jurisdiction where your business is established.

If your company is incorporated in Ontario, you can find more information about business financial statements by visiting the following link: Ontario Ministry of Finance – Business Financial Statements.

Our comprehensive reporting, accounting, and business financial statement services encompass:

• Preparation of business financial statements
• Financial audits, reviews and other financial accounting services
• Due diligence reporting
• Control and assurance reviews
• Mergers and acquisitions support
• Sales tax/HST/GST services
• External Financing (NTR)
• Bank and Lender Covenants
• Government Filings
• Adherence to GAAP
• Financial forecasting
• Specialized reporting requirements

Deciding on the Suitable Reporting Level

S&S Professional Corporation experts evaluate the suitability of the reporting by researching your company from its working environment, its strengths and weaknesses. In addition to meeting client’s needs, the needs of other users of financial information must also be taken into account.

Audit Engagement Report:

This offers the highest level of assurance on a business’s financial statements. It involves meticulous review and objective examination of the financial statements. The audit process includes assessing internal controls, testing selected transactions and liaising with third parties. Based on the findings, the chartered accountant firm issues a report on whether the financial statements are fairly presented and free of significant misstatements.

Review Engagement Report:

This provides an unbiased (and unbiased) look on the business’s financial statements. S&S Professional Corporation experts collect sufficient evidence and take the necessary steps to establish an adverse communication regarding the integrity of the information provided.

Note to Readers:

These are business financial statements prepared without audit or review. As chartered accountants, we prepare financial statements for our clients, presneting information in our capacity as a “representation of management” without expressing an opinion or providing assurance.

Typically, banks and other creditors prefer audited or reviewed financial statements as part of their lending requirements.