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Services · Accounting

Financial statements prepared to the standard your stakeholders require.

Compiled or reviewed financial statements prepared by a licensed CPA for your lender, investor, or business partner.

Two accountants heading into a meeting with financial statements in hand

Choose the level of assurance your situation requires

Compiled Financial Statements

Financial statements prepared by a CPA based on information provided by management. No assurance is provided.

When you need this: Your bank, lender, or partner requires financial statements prepared by a CPA. This is the most common level for private businesses.

  • Balance sheet and income statement
  • Notes to financial statements
  • Supporting schedules as required
  • Prepared in accordance with applicable accounting standards

Reviewed Financial Statements

Financial statements with limited assurance, a higher level of credibility than a compilation.

When you need this: Your lender, investor, or governance requirements demand a higher level of assurance than a compilation provides.

  • Everything included in a compilation
  • Analytical procedures and inquiries
  • Limited assurance report issued
  • Performed under CSRE 2400

The process

  • Tell us what you need and who requires the financial statements. We recommend the right engagement and provide a quote.
  • We collect your financial records and supporting documentation.
  • We prepare and deliver your financial statements, ready for your lender, investor, or stakeholder.

Common questions

05
What's the difference between a compilation and a review?

A compilation involves preparing financial statements based on information and explanations provided by management, with inquiries as needed. No assurance is provided. A review goes further. It includes analytical procedures and more extensive inquiries, and the CPA issues a limited assurance report.

How do I know which one I need?

It depends on who is requesting the statements and what they require. Most private businesses need a compilation. If your lender or investor specifically asks for reviewed financial statements or limited assurance, then a review engagement is required. We can help you determine the right level.

How is this priced?

Pricing depends on the complexity of your business and the type of engagement. We provide a clear quote before any work begins.

Do I need this if I already file a T2?

A T2 is your corporate tax return filed with the CRA. Compiled or reviewed financial statements are separate. They're prepared for lenders, investors, partners, or governance purposes. Some businesses need both.

How long does it take?

A compilation typically takes up to one week and a review up to two weeks. In both cases, the timeline depends on how quickly we receive your documentation.

Let us see if we are the right fit.

A free 15-minute discovery call, no commitment. Walla replies within two business days, either way.

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