If your business is incorporated, the Canada Revenue Agency requires financial statement information to be filed using the GIFI, or General Index of Financial Information for Corporations. If notes to the financial statements, or an auditor or accountant's report were prepared, they should also be submitted with the tax return. 

While audited financial statements are not required to be filed, some incorporated small businesses may be required to provide audited financial statements to their bank, for example, if the corporation has a loan from the bank. Some businesses may have other reasons for requiring an audit, such as the need for new financing, the sale or purchase of a business or because management finds added value in the audit. However, for many businesses, the additional costs may outweigh the benefits of more rigorous scrutiny. We can help you determine the level of assurance most beneficial for your business and tailor the work to meet your needs.

LES Financial Services offers three levels of engagement:

Audit

An audit involves an intensive examination of your business's financial records and operations and provides the highest level of assurance that the financial statements are presented fairly. We use Canadian, generally accepted auditing standards to plan and perform the audit to obtain reasonable assurance that the financial statements are free of material misstatements. During the audit, we develop a thorough understanding of your business, which also allows us to make recommendations for improvements to your accounting systems, internal controls, and other operational activities.

Review

A review provides a moderate level of assurance and requires significantly less work to complete the engagement. Based on Canadian, Generally Accepted Auditing Standards, we use primarily inquiry, analysis, and discussion to determine that the financial information provided by management is plausible.

Compilation

If your business has minimal external reporting requirements and you are actively involved in daily operations, a compilation engagement is a low-cost, non-assurance alternative. For the compilation, we create easy-to-read financial statements from information provided to us. A compilation is most appropriate when prepared primarily for use by management/owner or meeting tax filing requirements.

Contact us by email at ls@lesfs.ca or call us at 416-705-4870 to learn about your businesses financial statement requirements.