What is a financial statement review?

A financial statement review is not an audit

A financial review is a process in which an accountant reviews and makes the limited assurance that no modifications must be made to financial statements to meet reporting standards. Like audits, reviews will also be accompanied by the main opinion highlighting that the numbers are reasonable. 

What is the purpose of a financial statement review?

A review is a cost-effective way to meet the requirements of third parties, such as lenders, without having to complete a full audit.

A financial statement review provides some assurance for companies that are not required to file audited financial statements.

Financial Statement Review Process

A financial review consists primarily of inquiry, analytical procedures, and discussion related to information supplied to Smith, Sykes, Leeper and Tunstall LLP

A financial review does not constitute an audit and consequently, no audit opinion is expressed.

A financial review does, however, state that nothing has come to the attention of Smith, Sykes, Leeper and Tunstall LLP, which causes us to believe that the financial statements are not, in all material respects, in accordance with Canadian accounting standards for private enterprises.

Financial Review Service In Barrie & Newmarket 

At Smith, Sykes, Leeper and Tunstall LLP, we’re here to provide the detailed financial review support you require. 
Our Newmarket and Barrie accountants are highly efficient and thorough. Contact us today to learn more about our services.