Compilation of Financial Statements
Compilation Engagement Reports (Formerly Notice to Reader Financial Statements)
At Maroof HS CPA Professional Corporation, we perform Compilation of Financial Statements engagements.
Often these statements are known as Notice-to-Reader Financial Statements in Canada. However, effective December 14, 2021, CSRS 4200 now replaces Sec 9200 that previously dealt with Notice to Reader Financial Statements. The CPA firms now issue Compilation Engagement Report instead of Notice to Reader. This is a major change to standardize the practice of issuing financial statements across the industry by establishing clearer standards.
We usually prepare these financial statements along with corporate tax returns by taking them up as a compilation engagement. In certain situations, clients need financial statements either for internal management use or as requested by third parties. Compiled financial statements are prepared as per the applicable standards (CSRS 4200).
We prepare financial statements for businesses in both Canada and the United States. In Canada, we can issue financial statements in the provinces of Ontario and Alberta. For the United States, Compilation reports are issued by the individual U.S. CPA (not the firm) and you must let us know the state and the purpose to determine the rules related to practice privilege.
Advanced Financial Reporting
Based on Specific client’s needs, we do offer one-off Advanced financial reporting services to handle occasional transactions OR A periodic support to fill the gap of skill sets of the accounting team .
Some of the areas where we help include:
- Preparation of a complete set of Financial Statements
- Accounting for Mergers and Acquisitions
- Consolidated and Combined Financial Statements
- Reporting for entities with complex legal structures
- Financial Statements based on IFRS, ASPE & US GAAP
- Notice to Reader – Financial Statements
- Handling of Complex transactions
Important disclosure: Maroof HS CPA Professional Corporation is an accounting firm registered with CPA Ontario & Alberta. Each province or territory in Canada has its own CPA Act or equivalent which governs and regulates the accounting profession in the respective provinces. We currently offer CPA services in Ontario and Alberta, and are in the process of registration with other provinces as well. This does not preclude us from providing tax preparation and bookkeeping services in provinces other than Ontario & Alberta. In the United States, compilation engagements are performed by Maroof H. Sabri who is a CPA licensed from North Dakota and may be able to provide compilation services in other states under the practice privilege.
SATISFIED CLIENT STORIES
“The guys are super helpful and attentive!
I never had to wait to get an answer or guidance!
“I have hired services from Maroof's firm for filing my tax returns. They gave me maximum insights and a truthful picture of the complete process. Their business ethics are excellent. Gotten quick feedback on almost all the questions I posed at him. I would recommend him for obtaining all tax advice. Good Luck!”
“We are operating in different countries and have to deal with big stakeholders in Oil and gas industry. I have been using the accounting services of Maroof HS for the last 3 yrs now and I can vouch for his competency and efficiency. However, I personally appreciate his insights in other aspects like banking, company structure and fiscals, accounting system, and general financial tips that I find very useful and have definitely had an impact on our profitability.”
“We are a very young and extremely busy catering business in Toronto. Our accountant left us, leaving us hanging with a very complicated and messy set of books. We feel very fortunate to have found Maroof who is very thorough and methodical. He and his team quickly picked up and sorted out everything very well. We love the way they work; the hard work, dedication, skill set and availability all the time.”
“Maroof has prepared several financial statements for my clients. He is thorough, accurate, detailed, and attentive. I continue to utilize his services and have never been disappointed.”
“We got our financial statements compiled for 4 years. All we had were a bunch of scattered invoices, bills, and bank statements. All the data was organized, put into the accounting system and we got our financial statements. They coordinated with the independent auditors from the management side and we finally had audited financial statements. Wonderful people!”
Very professional and easy to deal with, Maroof was flawless in dealing with and helping us secure our financing for a multi-million dollar automotive operations in GTA. We tried several places, and Maroof was by far the best and easiest to deal with, thanks for all the help, my friend! Looking forward to more future business!
Maroof was super helpful and professional. Helped me through a tonne of my business and personal taxes. Answered quickly, answered all my questions, was patient with the process, made the entire thing understandable. I'll be sticking with this guy for all my future tax needs and have already referred him to a few of my friends. Super legit dude, friendly personality.
I needed financial projections for raising a loan. My experience was extremely great. Maroof and Mandy did financial projections and business plan for me. My lender said “business plan is excellent”. Such a great team and talented people to work with. I wish them all the best.
We are new to Toronto and temporary residents. We use our US LLC to do business. tax time was so painful for us. I found contact details of Maroof CPA on the IRS website. Five minutes of the phone call helped me clarify all of my questions. We have now our US CPA and Canadian CA in one place. a very great guy.
Excellent communication and feedback. Had a number of tasks to complete, which were completed quickly and efficiently. Very different Will definitely use it again.
Maroof was incredibly helpful! I was really struggling with my taxes as an aspiring actress as they can be very complicated as well as being a student. Maroof went above and beyond - he was very communicative, prompt, and always available to answer any questions. I will use these services again next year!
I am a self-employed sole proprietor. I just opened my new corporation and needed some tax advice before I start running my business. I visited Maroof at their Woodbridge location. I really admire his technical skills and hospitality. It was a wonderful conversation. he did not even charge us and we got valuable time. Thank you for your time Maroof and we hope to see you on a regular basis now.
I have been going to many accountants for many years but the service I got from Maroof and his team is unmatchable. I highly recommend them.
Thank you Maroof for guiding me so patiently. I am in Indian who returned from Canada and became non resident of Canada. I live in UAE now. I still have some income coming from there. Another accountant filed my returns wrong and it was a mess. Maroof explained me the whole process and the steps I must take to make sure that I do not have unintentional tax consequences. Very ethical and professional chat with this guy.
I would recommend it for anybody having complicated tax situation.
Online tax service is so amazing. Due to virus, we connected on zoom and the whole process from appointment booking to tax filing was so smooth and professional. I like their portal to upload and download my files. very impressive.
We provide wide range of income tax, accounting, business advisory and planning services. To learn more about all our services, please visit the below link
Looking for notice to reader financial statements? Do not hesitate to contact us! Contact us today and let us know how can we help you. We return all our inquiries within 24 hrs!
Access our COVID-19 information centre to get all the latest updates on tax filing deadlines, benefits for individuals and businesses, and how we are helping our clients.