Financial statement at the end of the year

Reference no: EM133541793

Question: Ian started a landscaping business during the summer. His friend advised him that he should find a public accountant to help him with work that may be needed on the financial statement at the end of the year. Choose all the statements that are true: Group of answer choices If Ian's business has borrowed money, the creditor may require that an audit be done on the financial statements. If Ian's business is in a loss position, a compilation is all that is required since no taxes will be owed to Canada Revenue Agency. If Ian's business is run through a private Canadian company, he will never require an audit to be done. Ian's business may require an audit, review, or compilation. There is not enough information given in the question to determine. A compilation provides a limited amount of assurance since a public accountant does not send out confirmation requests on balances. If Ian's business is run through a public Canadian company, an audit will be required.

Reference no: EM133541793

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