A compilation engagement (NTR) is usually required prior to preparation of a Small Business corporate tax return. Under a compilation engagement, Financial Statements are aggregated from the accounting information provided by you. Financial Statements give you an idea of where your business is heading and documents your historical accounting data.
A compilation engagement does not provide any level of assurance over the accounting information, unlike the review and audit engagements. Your Financial Statements subject to a compilation engagement will be prepared in an easy-to-read format, however they may not be fully compliant with GAAP - now known as ASPE (Accounting Standard for Private Enterprises).
Your accountant makes certain the financial information is clerically accurate and in the correct format, however gives no assurance as to whether any of the professional standards are met.
The Canadian Institute of Chartered Accountants is the governing body that provides the guidelines regarding compilation engagements.
Your trusted Chartered Accountant provides accounting compilation engagements to clients located in Calgary and area.