The objective of an audit engagement is to enable independent professional public accountants to render an opinion on the financial statements. The auditor must plan the audit to obtain reasonable assurance that the financial statements are free of material misstatement. Through the study and evaluation of the organization’s system of internal controls, and by inspection of documents, observation of assets, making enquiries with and outside the organization, and by other Canadian generally accepted auditing procedures, the auditor will gather evidence necessary to determine whether the financial statements present a fair picture of the organization’s financial position and its activity during the period being audited.

Through our audit engagement service, we add value by making recommendations on accounting issues and internal control issues to management and to the board level.

Review Engagement

The objective of a review engagement is to prepare and review financial statements to ascertain whether they are plausible. Reviews provide limited assurance that the financial information confirms to Canadian generally accepted accounting principles. A review will entail enquiries of management, analytical procedures, and discussion with responsible officials to determine the plausibility of the information reported on.

A review engagement is appropriate only where an audit is not required and usually where a third party requires limited assurance on the financial information being reported on.

Through our review engagement financial statement preparation service, we add value by working with third parties involved to determine the appropriate amount of certification required to keep our fees low.

Compilation Engagement

A compilation engagement is a service provided by an outside accountant to assist the management in the presentation of financial data in the form of financial statements. The accountant should possess a greater knowledge of the operations of the business in order to compile the financial statements.

An accountant tasked with the responsibility of providing compilation services is required to possess sufficient industry-level knowledge of the client. He or she is not required to be independent of the company requiring compilation services in order to perform such a form of engagement. The management accepts full responsibility for the preparation and presentation of the financial statements, which can be either an individual financial statement, such as the balance sheet, or a complete set of financial statements.

Unlike an audit engagement where auditors are required to provide an opinion on the fairness of the financial statements, a compilation engagement does not require the accountant to provide an opinion on the correctness of the financial statements.

Also, it does not provide assurance that the company has complied with the accepted accounting principles. Therefore, the accountant engaged in a compilation engagement is not required to use analytical procedures, review procedures, or inquiries, or engage in other audit procedures. A compilation engagement is the least expensive of the various audit types. It is preferred by entities whose key stakeholders approve such a form of engagement.

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