This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice ( for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Understanding reports on financial statements: Audit, review and compilations

Published on: Sep 30, 2018

Financial statements are a formal record of the financial activities of a business, person or other entity over a period of time and/or the financial position of a business, person or other entity at a point in time. CPA Canada has issued this guide to help CPAs educate their clients in understanding reports on financial statements and the different levels of service a CPA can provide (i.e., audit, review or compilation).

Your clients will learn about:

  • applicable financial reporting frameworks
  • the terms assurance and materiality
  • audits, reviews and compilations


Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.