They are two separate services. Bookkeeping is a non-attest service, and the compilation is an attest engagement.
Bookkeeping is all about recording of financial transactions, bookkeepers handle the day-to-day tasks of recording financial transactions, oversee a company’s financial data and compliance by maintaining accurate books on accounts payable and receivable, payroll, and daily financial entries and reconciliations. They perform daily accounting tasks such as monthly financial reporting, general ledger entries, and record payments and adjustments.
Public practice accountant/Practitioner performs the compilation engagement in accordance with Canadian Standard on Related Services (CSRS) 4200, Compilation Engagements, which requires them to comply with relevant ethical requirements. Their responsibility is to assist management in the preparation of the financial information and they will issue Compilation Engagement Report to the management.
DOES A SMALL BUSINESS NEED A BOOKKEEPER OR AN ACCOUNTANT?
In the earliest stages of launching a business, your accounting and bookkeeping needs are basic. You can handle the day-to-day tasks of recording financial transactions by yourself or hire a part time bookkeeper, our accounting firm can prepare the year end financial statements, file the corporate income tax return (T2 return) for you.