A financial audit is an independent, objective evaluation of an organization's financial reports and financial reporting processes. The primary purpose for financial audits is to give regulators, investors, directors, and managers reasonable assurance that financial statements are accurate and complete.
While an audit is meant to give some reasonable assurance that the financial statements are free of material misstatements, a review engagement is only meant to ascertain whether or not the financial statements are believable or plausible.
A review provides limited assurance that the financial statements conform to generally accepted accounting principles. This type of assurance is known as negative assurance. This means that as the professional accountant is only providing assurance that nothing has come to their attention that would indicate the financial information is not presented in accordance with Canadian accounting standards.
Notice to Reader / Compilation
A Notice to Reader or compilation is simply a compiling of information into financial statements, based on information provided by the client. No assurance is provided. Therefore this type of engagement is only appropriate when users do not need assurance that the financial information conforms in all respects to Canadian accounting standards for not-for-profit organizations.
We are proud to provide professional taxation services in compliance with the Canadian Income Tax Act for: Business Tax - Personal Tax - Private Client Services - Trust, Estate, and Succession Planning
Financial projection is a forecast of future revenues and expenses. Typically, the projection will account for internal or historical data and will include a prediction of external market factors.
In general, you will need to develop both short- and mid-term financial projections. Short-term projection accounts for the first year of your business, normally outlined month by month. A mid-term financial projection typically accounts for the coming three years of business, outlined year by year.
Financial planning is a comprehensive evaluation of an individual's current pay and future financial state by using current known variables to predict future income, asset values and withdrawal plans. This often includes a budget which organizes an individual's finances and sometimes includes a series of steps or specific goals for spending and saving in the future. This plan allocates future income to various types of expenses, such as rent or utilities, and also reserves some income for short-term and long-term savings. A financial plan is sometimes referred to as an investment plan, but in personal finance a financial plan can focus on other specific areas such as risk management, estates, college, or retirement.
Financial Due Diligence
Due diligence is a process of verification, investigation, or audit of a potential deal or investment opportunity to confirm all facts, financial information, and to verify anything else that was brought up during an M&A deal or investment process. Due diligence is completed before a deal closes to provide the buyer with an assurance of what they’re getting.
Internal control is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization.
Financial reporting is the financial results of an organization that are released to the public. This reporting is a key function of the controller, who may be assisted by the investor relations officer if an organization is publicly held.
Financial reporting typically encompasses the following:
- Financial statements, which include the income statement, balance sheet, and statement of cash flows
- Accompanying footnote disclosures, which include more detail on certain topics, as prescribed by the relevant accounting framework
We provide our valued clients with research services as needed for technical accounting matters in the IFRS and ASPE
We assist clients with the timely and accurate month-end execution of the Financial Statement Closing Process (FSCP). This includes monthly closing and reporting of the books and records, account reconciliations, cost accruals, analysis of financial statement variances to forecast and budget and general compliance with IFRS / ASPE and the clients Internal Controls, Policies & Procedures and overall delivery of the external audit, as well as other tasks as directed by leadership.