Preparation for Audits & Reviews

When faced with an up-coming external audit or review, our team can help you ensure all of your accounts are properly supported and reconciled, generate properly formatted financial statements and accompanying footnote disclosures, and act as the liaison between you and the auditors.  We will ensure your financial statements are presented in accordance with GAAP (Generally Accepted Accounting Principles) and/or IFRS (International Financial Reporting Standards), and we will address any correspondence from the SEC or BCSC (if listed with a Canadian exchange).

Our team is highly experienced in internal control development and implementation.  For those companies required to certify compliance with the Sarbanes-Oxley Act of 2002, we are able to evaluate and test your current controls – or assist you in developing new policies and procedures (under the COSO framework) which will satisfy the compliance requirements.

Audits

An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice.  An audit provides the highest level of assurance. Audits are generally an annual event for reporting companies; however, they may also be required by banks and other lending institutions prior to lending activities.

An Audit allows you to:

• Satisfy stakeholders such as employees, customers, suppliers and pressure groups, as well as the investing community, as to the credibility of published information.
• Facilitate the payment of corporate tax, goods and services tax, and other taxes on-time and accurately, thereby avoiding interest, penalties, and investigations.
• Comply with banking covenants.
• Help deter and detect material fraud and error.
• Facilitate the purchase and sale of businesses.

Reviews

Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures applied to the financial statements, and various inquiries made of your company’s management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, additional procedures might be performed.  Reviews are generally performed on a quarterly basis – prior to the annual audit process.  However, reviews may also be requested by banks and other institutions for various compliance efforts as related to lending agreements.