For corporations which do not require an audit, the most cost effective financial statement to have a Chartered Professional Accountant prepare is frequently an unaudited financial statement, which carries the accountant's "Notice to Reader", pursuant to a Compilation Engagement.
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Compilation Engagements are undertaken at a more basic level than an audit and do not provide assurance. The accountant places this standard notice on the financial statements to inform the reader that they have not been audited or reviewed. The accountant prepares the financial statements based on information provided by management. The accountant may use some judgment in preparing the financial statements, however he does not attest to their accuracy.
Many banks and other users will accept Notice to Reader financial statements for their purposes.
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