The financial information produced by your financial reporting system is used by you to make key business decisions about how you allocate your capital and resources within your business. In addition, other stakeholders such as other shareholders, lenders, creditors and potential investor may rely on your financial statements in their business dealings with you.
Accordingly, you should ensure that the financial information you and your stakeholders use in making key business decisions is reliable.
Our team can provide you with the level of assurance you need on the financial performance and operations of your business.
Audit of financial statements
An audit of your financial statements provides you with the highest level of assurance that your financial statements are fairly presented in accordance with generally accepted accounting principles.
Our team takes a risk-based approach to auditing by spending the necessary time to understand your business and operations and the associated business risks to design an effective and efficient audit approach. By looking inside and outside of your finance operations, we are able to understand the all risks associated with your business and how they may impact your financial statements to tailor our audit approach and offer recommendations for improvements to your internal controls, financial reporting processes, financial information and other areas of your business.
Review of financial statements
Review of your financial statements provides you with less assurance than an audit of your financial statements. A review consists of enquiry, analytical procedures and discussion with management in forming an opinion on whether any material modification need to be made for your financial statements to be in accordance with generally accepted accounting principles.
Our team takes a risk-based approach by understanding your business and operations and the associated risks to tailor our enquiries, analytical procedures and discussions to your business. This allows us to perform an effective and efficient review without performing ‘audit’ type procedures that many firms perform as part of their reviews.
By spending the necessary time to understand your business and operations we are able to act as your valuable business advisor and offer recommendations for improvements to your internal controls, financial reporting processes, financial information and other areas of your business.
Notice to reader (compilation of financial statements)
We can compile your financial statements from information provided by you without providing any level of assurance.
Monitoring of accounting firm’s compliance with their quality assurance manual
We have an excellent understanding of the quality control standards which are required to be documented and implemented by public accounting firms. We can assist your firm by:
- Performing an annual review of your firm’s quality control standards which is required by quality control standards
- Performing an external monitoring of the documentation and implementation of the firm’s quality control standards including:
- annual review of the design and effectiveness of the firm’s quality control manual/processes
- review of a selection of completed assurance engagements to ensure compliance with GAAP, GAAS and the firm’s quality control manual
- objective and unbias reviews, sharing of best practices including ways to improve effectiveness and efficiency of your firm’s assurance services
For questions with respect to our assurance services please contact:
Kevin Ball, CA,
CPA Partner
416 293 5560 x 202
kevin.d.ball@ebdcas.com