ACCOUNTING AND ASSURANCE

The preparation and review of financial statements for corporations and other entities forms a large segment of our practice.  At Carrie Liu & Company Inc., we provide accounting services in four different types of engagements: compilation, review and bookkeeping:

Compilation (Notice to Reader):

Small owner managed business normally have no need for expensive audits or reviews. Compilations are acceptable when third party stakeholders have limited or no involvement nor the need for complex reporting and presentation standards.  All that such businesses need is a set of financial statements for internal management reporting and tax compliance.  We compile the financial information provided by management into a financial statement that is suitable for the purpose intended.  The service includes assistance with bookkeeping, posting adjusting entries, and preparing annual tax return.  A Notice to Reader – Compilation Engagement offers no assurance on financial statements. (read more)

Review:

A review engagement provides a form of negative assurance on the financial statements of an entity. Review Engagements provide a lower level assurance than audit.   In a review engagement, we issue a Review Engagement Report when needed for bank or statutory requirements.  Our accountant determines the plausibility of the financial statements primarily through the use of enquiry, analytical procedures and discussions with the client.  Once we establish plausibility we issue a Review Engagement Report with the financial statements. (read more)

Audit:

An audit provides the foundation for credible financial information, which is essential to establishing the confidence of and access to capital markets.  In addition, stakeholders require responsible and objective judgements from independent auditors.  We prepare audit services for private companies and not – for- profit organizations.

Outsourced Accounting:

We are your virtual accounting department.

  • We operate on a monthly fixed fee basis, not an hourly rate.
  • We are focused entirely on your business’ accounting and financial administration.

How does this benefit you, the business owner?

  • No costs associated with housing an employee. No need to provide a desk, a computer, a phone, a parking spot, etc, etc.
  • No billing surprises
  • No employee related costs:
    • No employer side expenses for employment insurance and Canada pension plan, workplace insurance or provincial health programs.
    • No dental or health benefit plans to support
    • No vacation days, no sick days, no stress leave.
  • Regular, timely and accurate accounting and financial information on your business
  • All required remittances and reporting completed on time, all the time.
  • We can and will enforce compliance with your existing financial policies and procedures.

We provide the following ongoing services...

  1. Preparation of quarterly and annual financial statements under IFRS, ASPE and GAAP, including note disclosure;
  2. Preparation of quarterly Management Discussions & Analysis (MD&A);
  3. Preparation of consolidated financial statements;
  4. Help with complex accounting and financial reporting issues;
  5. Liaising with company auditors to ensure timely filing of audit reports;
  6. Preparation working papers for year-end audit;
  7. Budgeting and forecasting;
  8. Margin and financial ratio analysis;
  9. Cash flow projections and break even analysis;
  10. Interim financial statements;
  11. Payroll services;
  12. Monthly bookkeeping

How does this work?

  • We believe that by focusing only on delivering accounting services, we can be more efficient, and more effective, and therefore less expensive for you.
  • Since you are only paying for the time we need to get your work done, you have access to the services of a qualified, designated accountant for probably less than you would pay for a full time bookkeeper.
  • We bill on a fixed cost basis, based on the estimated workload. Similar to hiring a full-time staff member, you know how much we will cost you each month, compared to an hourly rate contract, plus we won’t take sick days, vacation days, or stress leave.