In Canada, accountants provide Notice to Reader, Review Engagement and Audited financial statements. The amount of work increases significantly higher in the later. The least amount of work is the Notice to Reader and the opinion indicates that readers should be cautious about placing too much reliance on the financial statements. Audited financial statements provide the most assurance. If you are purchasing a business, you should not rely exclusively on financial statements prepared by the vendor’s accountants, particularly if they are only issued with a Notice to Reader opinion. You still should conduct due diligence so that you understand the operations of the company from a financial and operating point of view.
This article are provided for information purposes only, and are not intended as legal advice.
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