We tailor our level of financial reporting services to meet your needs. Whether it’s a full Audit Report, or a Review Engagement, or a less labour-intensive Notice to Reader Engagement, our goal is to add real value to your business and support your decision making.
You may require an Audit Report because of:
- requirements from certain types of funding from a government agency
- a government regulation
- the current or requested levels of bank financing
- the terms of a shareholder agreement
- a business is to be sold in the foreseeable future
The provision of Audit Services is the hallmark of the public accounting profession and the C.A. designation—capitalizing on a strong sense of professional ethics, hard work and vigilance. The Audit process is a labour-intensive and hence expensive exercise.
But Scarrow Yurman & Co has a system in place to remove as much of the stress on you as possible, make the end product useful for our client’s decision-making needs, and contain costs to competitive levels. We can meet your needs whether you have a balance sheet of more than $200M and or less than $200K.
Review Engagement Report
If you require some level of assurance on your financial statements, but not a full audit, we often perform a Review Engagement. This level of assurance is sufficient for:
- moderate levels of bank financing (generally under $2M)
- bonding arrangements for contractors
- purchase and sale transactions
- multiple shareholder ownership arrangements
Many of our clients ask us to perform the Review Engagement even when they have no external requirement to provide this type of financial statement but simply because they value the additional depth of analysis. Here our focus is on the financial performance and on adding some insight into where opportunities exist or problems lurk.
While not as arduous as an audit, the Review Engagement still requires an inquisitive approach to our work, and a lot of person-to-person contact so that we can know enough about your business to provide the insights you need.
Notice to Reader Engagement
Many businesses do not require any level of assurance on their financial statements to the users of this information. For this type of engagement we perform a Notice to Reader Engagement. In this type of work we don’t get into the detailed work that the assurance engagements involve.
Smaller businesses are often asking for this type of financial statement because it satisfies the income tax filing requirements for corporations, partnerships and professionals and is less expensive.