C. Lough-Li Professional Corporation. provides accounting & assurance services in and around the Calgary area. Contact our chartered accountants/chartered professional accountants to know more about our accounting services.
Contact C. Lough-Li Professional Corporation to assist you with all your accounting and assurance engagement requirements. Our firm specializes in the accounting including Compilation Engagement, Review Engagements, and Audits for private enterprises and Not-for-Profit organizations and charities. The private enterprise clients range from smaller owner/manager businesses to large private corporations and corporate groups, across a variety of industries.
Compilations or Compilation Engagements.
Compilations, also known as Compilation Engagement financial statements are prepared for a large majority of Private Enterprise clients, mainly the owner/manager businesses. These financial statements are prepared based on the information supplied by clients. Within the Compilation Engagement report the financial statements emphasize the basis the statements are prepared on and that the financial statements may not be appropriate for all users. This occurs because of the limited procedures performed and the fact the information supplied by the client is relied upon without confirming with third parties, or performing other additional procedures. Often these statements are prepared for tax purposes in order to comply with the businesses filing requirements or when there are few shareholders who are actively involved in the business and are aware of the daily operations. We express no opinion on these financial statements, but they are still a valuable starting point for setting the businesses financial goals at a reasonable price point.
A Review Engagement is requested by many of our private enterprise clients and our Not-for-Profit Organizations and Charities. These financial statements provide an added level of creditability as more extensive procedures are performed in preparing the financial statements through discussions with the client, analytical procedures and inquiries into the financial operations and contractual and other information.
The main objective in these financial statements is developing the policies most relevant to these businesses or organizations as outlined throughout ASPE (Accounting Standards for Private Enterprises in Canada) and ASNPO (Accounting Standards for Not-for-Profit Organizations). These financial statements have a price point higher than a Compilation Engagement but a lower price point then an Audit engagement.
These financial statements are often requested by the banks, inactive shareholders of the business and also in cases where the shareholders are looking for a higher comfort level in the additional creditability of the financial statements. In the cases of Not-for-Profits and Charities there is a high request for review engagements to ensure the stewardship of its resources, the effectiveness of management’s use of the resources and whether they are consistent with the objectives of the organization.