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ARTICLE · 29 SEPTEMBER 2014

The Value Of Reliable Financial Statements

MNP LLP
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Financial statements are used for internal management or to demonstrate to an external party the financial position of a company.

CanadaAccounting and Audit
Jo-Ann Lempert
Jo-Ann Lempert
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Financial statements serve many purposes. They are used for internal management or to demonstrate to an external party the financial position of a company. In either case, they are designed to provide useful information to businesses. Proper preparation of financial statements is critical. There are several steps in preparing financial statements that need to work together cohesively in order to deliver reliable financial information.

First, is the process of capturing transactional data. If the system is not user-friendly or is difficult to use, there is a higher risk that the data will be incomplete or erroneous.

Second is codification of the transactional data. For example: is it being presented in the right place? If not, misinformation can lead to poor decision making.

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