Services: Assurance

Assurance Services

Which level of service do you require?

Is there any third party that requires copies of your financial statements other than tax authorities? (i.e. Bank, other lender, investor or creditor)

NO:

Compilation Engagement

This is the most basic service for the preparation of financial statements and corporate income tax filings. This type of engagement is usually used where the only outside user of the financial statements are tax authorities. Our focus in this type of engagement is on tax planning and compliance for both the corporation and the shareholders.

YES:

Review Engagement

If you have an operating line of credit or other loans with your bank, you will probably require a review engagement. The main difference between this type of an engagement and a compilation engagement is that through enquiry, analytical procedures and discussion of information supplied to us, we assess the plausibility of all amounts reported in the financial statements and provide more detailed reporting (explanatory notes).

Audit Engagement

This is the third and final type of engagement. An audit is usually requested by an outside third party user of the financial statements (i.e. a lender or investor), where they require a higher level of assurance as to the accuracy and reliability of the financial statements. In this type of engagement, we undertake to do significantly more work to satisfy ourselves that the financial statements are free of any material errors.

Do you require more than just a financial statement and tax filings for the prior year?

Financial Analysis

Accountants are historians - we are always dealing in the past. However, we can obtain industry statistics and use them as benchmarks to assess your company performance. We compare industry statistics to your current and prior year financial ratios and key business drivers. We interpret the results and present to you an overview of what you are doing right and what you need to change, in order to improve your profitability and net worth.

Accounting Systems Support

Our clients use a wide range of accounting software. We provide accounting software support for many clients using "Simply Accounting" or "Quickbooks", two of the most popular entry level accounting software packages.