Assurance Services
We provide professional services in the different types of engagements: audit, review, special and compilation.
Of these, three are of an assurance nature- audit, review and special engagements:
Audit - An audit engagement provides the highest level of
independent assurance through a professional opinion (Auditor’s Report) on whether an entity's financial statements are fairly presented in accordance with generally accepted accounting principles (or other suitable basis of presentation).
An audit involves planning, communications, risk assessments, professional judgment, professional assurance standards, evaluations of financial and operational controls and governance, and audit approach assessments. An (Auditor’s Report) is an independent expression of the fairness of presentation in accordance with accepted standards and audit procedures. Audits are required for all public companies in Canada and the US.
Review - A review engagement provides a level of assurance that is lower than an audit. The engagement communication is provided in the form of negative assurance. In a review engagement the accountant relies primarily on analytical techniques, management enquiry and representation, analytical analysis and plausibility to determine the reasonableness of financial statement assertions. The accountant in a review is not required to, and does not generally inspect, supporting source documentation. These particular types of engagements are normally required by banks or other financial institutions where financial risk or exposure exists. A review adds a reasonable measure of independent credibility to financial statements at a substantially reduced cost from an audit.
Special and compilation - Assurance services can also be provided based on contractual compliance requirements such as adherence to a specific performance clause. Related service engagements are structured based on the needs and levels of assurance required by the parties. The communication (engagement report) is tailored to the engagement by a written understanding and the procedures performed are customized to suit the particular circumstances. In all such engagements, quality assurance standards and professional standards are maintained.
