Examples of Notice to Reader in a sentence
Notice to Reader: This document has been prepared using data from sources considered technically reliable.
Notice to Reader Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the interim financial statements; they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
Independence assessments need to completed, and impaired independence should be disclosed in the Notice to Reader (see Rule 204.10).
The cost increases as the complexity of the engagement increases from Notice to Reader to full Audit.
The financial statements shall also include a report thereon from a professional Accountant in the form of either a Notice to Reader, a Review Engagement Report, or an Auditor’s Report.
Notice to Reader: This information is general in nature and is intended as a guide only.
This is not an activity that would require disclosure in the Notice to Reader, except in Quebec, where the preparation of other than basic bookkeeping entries (such as posting balances from subledgers) requires disclosure in the Notice to Reader if management approval has not been obtained.
ANSWER Independence is not required for compilation engagements pursuant to Rule 204.1. The preparation of journal entries for complex transactions is, however, an activity that would be disclosed pursuant to Rule 204.10 in the Notice to Reader if these entries are such that management cannot be reasonably expected to understand, review, and approve them.
See Notice to Reader within the interim condensed consolidated financial statements for the three months ended October 31, 2019 dated December 15, 2019.
If a compilation engagement could serve the client needs, the nature and extent of the apparent impairment of independence would need to be disclosed in an additional paragraph to the Notice to Reader.