Financial Statements

No matter what areas of bookkeeping, accounting and reporting you require Madazli & Co. uses the most efficient software available on the market as we are driven to provide our clients with the highest quality service experience, consistently exceeding your expectations.

Compilation Engagement

“The objective of a compilation engagement is to compile unaudited financial information into financial statements, schedules or reports based on information supplied by the client.” -  Certified General Accountants Association of Manitoba

In cases where no assurance is needed by third parties, we compile our clients’ financial information provided to us by them and prepare a financial statement called a “Notice to Reader“. Even though there is no assurance needed we apply the upmost professional care and attention to this preparation process, the results of which contribute to an excellent perspective to you the client, lenders, or other third parties, as required.

Review Engagement

“A review engagement involves the CPA performing procedures (primarily analytical procedures and inquiries) that will provide a reasonable basis  for obtaining limited assurance that there are no material modifications  that should be made to the financial  statements for them to be in conformity with the applicable financial reporting framework.” - American Institute of CPAs

Where limited assurance is required, we prepare financial statements through review engagements. The financial statements prepared under this category provide limited assurance that the financial statements are presented fairly and in accordance with Generally Accepted Accounting Principles (GAAP). Madazli and Co. always bring the utmost care and attention to detail to the financial statements we prepared and work with our clients to find the most affordable fee structure.

Audit Engagement

“Audited financial statements are the accepted means by which most business corporations report to their shareholders, to bankers, to creditors and to the government. Federal and Provincial legislation in Canada generally requires a limited company to prepare annual financial statements for audit by a qualified independent auditor.” Certified General Accountants of British Columbia

Audit Engagements provide the highest assurance in terms of financial reporting and are done in accordance once again with Generally Accepted Accounting Principles. Depending on the industry standards and assurance requirements, audit engagements are usually the most suitable category for companies, charities or non-profits that require or want to maintain the highest credibility to their stakeholders or the public. Madazli & Co. prepares regular audits for a range of industry and non-profit organizations under this category and always strive to exceed our clients expectations with excellent and experienced service.

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