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


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