External financial statement audits are an intensive examination of an entity’s systems and records providing the highest level of assurance as to the reported financial results. Entities may require such audits for a variety of reasons, such as a requirement of a secured lender, but typically the purpose is for governance reporting to a board of directors or other stakeholders.
As all of our external audit engagements involve commenting upon an entity’s financial procedures, processes and controls, including issuing a year end ‘management letter’ that highlights deficiencies and recommendations for improvements, we are well versed in the implementation and monitoring of such procedures. In our view, advising our audit clients on the adequacy of their financial systems is an integral and ‘value added’ component of our audit services.
In addition, while most private companies in Canada report under the accounting standards for private enterprises (ASPE), we also have a number of clients in selected industries that report under the international financial reporting standards (IFRS) and are therefore well-versed in IFRS accounting rules. Publicly-traded companies in particular are required to report under IFRS.
Compliance audits that measure outcomes against established criteria are an additional part of our firm’s audit practice. Some examples of our relevant and similar experience are:
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Client type
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Nature of work
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Non profit
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Federal program audit
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Condo corporations
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Condo regulations audits
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Native band housing
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CMHC regulations audits
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Our lead professional for this service function is Carol Semple, CA. Carol is the partner responsible for the assurance practice and standards administration of the firm. Carol is a peer reviewer of assurance files for the Institute of Chartered Accountants of Nova Scotia and also oversees internal quality reviews for the firm.
In additions to audits, we provide two other levels of financial statement reporting that may be relevant in some cases:
- Review - some inquiry and analytical procedures conducted with limited assurance;
- Compilation - based upon client information provided and used primarily for internal or low-risk use.
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