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Compilation

A Compilation Engagement Report is an engagement in which a CPA collects the financial information from management and prepares financial statements adhering to guidelines stipulated in new Canadian Standard on Related Services (CSRS) 4200, Compilation Engagements. Unlike review and audit engagements, the CPA does not expresses any opinion on financial statement neither verifies the accuracy of the information provided by the management. However, as per general industry practice, CPAs conduct finalization of accounts, record adjusting journal entries for amortization, provision etc.

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Here’s how Unison Globus can help you preparing Compilation Engagement Report:

Perfectly designed SOPs to deliver finest quality of Compilation Engagement (Mapping, Sign offs, Raising issues, Document annotation etc.)
Preparation of Engagement letter
Review financial statements, resolve queries and map numbers into Caseware
Comply with CSRS 4200 requirements (Engagement acceptance/continuance, Knowledge of entity, Completion checklist)
Preparation of Compilation Engagement Report as per the new CSRS 4200 requirements

Review Engagement and Audit

Review Engagement and Audit differ mainly in terms of assurance provided by a CPA
on the financial statement and procedures performed for the same.

The following attempts to clarify the distinction between a review engagement vs audit engagement

Review Engagement

Provide a negative or limited assurance
Auditors and professional accountants do not provide advice on financial statements or subject matters
In most cases, the review engagement report will state, “nothing has come to our attention…”
The risk is reduced to a moderate level
Auditors or professional accountants only need to review subject matters

Audit Engagement

Positive assurance provides a higher level of assurance than negative assurance.
Auditors provide their opinion of financial statements.
Usually states in the review engagement report as “In our opinion…”
The risk is reduced to an acceptably low-level
Auditors must conduct subject-matter examinations by gathering sufficient acceptable evidence to form an opinion.

Unison Globus, with its highly qualified staff in the field of Auditing can help you prepare Review and Audit engagements by carrying following tasks:

Collecting Financial statement from Management
Interview with management personnel and preparing checklist / questionnaire
Performing Analytical and Substantive procedures as a part of Audit engagement
Assessing possible threat of Fraud or Material misstatement
Filling up Audit / Review checklists
Preparation of all the paper work that is necessary to complete the engagement

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