A business audit is more than just a report – it’s a tour of your company’s finances. At Insight Accounting CPA, our team evaluates your risks, red flags, and the overall health of your business. Our goal is to help you improve your finances and to take the pressure off of you.
With Insight Accounting Chartered Professional Accountant, you’ll benefit from a customized, risk-based approach that emphasizes timely communication and coordination of activities. With dedicated and ongoing involvement from our senior-level professionals, your audit, review, or compilation will be planned and executed by an experienced team that understands your industry. An audit represents the highest level of assurance available for financial information. We design and perform procedures to obtain audit evidence on the amounts and disclosures reported in your financial statements.
There are a few options when it comes to accompanying your financial statements with the accountant’s report. The most common reports issued by independent and licensed accountants are:
Notice To Reader / Compliation Engagement
The Chartered Professional Accountant is provided the financial information prepared by the client and compiles the financial statement in accordance with CPA Canada Handbook Standards. This service is used for bookkeeping, payroll information, and preparing the annual tax return of the company.
As a Licensed Chartered Professional Accountant, we provide review engagement of our opinion on financial statements prepared by the client in accordance with CPA Canada Handbook Standards. The independent accountant’s review engagement report provides limited comfort over the plausibility of the financial statement. The review report provides a limited opinion often referred to as negative assurance, that states that nothing has come to the attention of the accountant that indicates the financial statements are not plausible. The engagement is based on the following procedures: Analytical, Inquiring, and Discussing with management to assess the plausibility of the financial statements being free of material misstatements. As this report provides a limited opinion, it also costs less than an audit.
At Insight Accounting Chartered Professional Accountant, we provide audit reports and our opinion on the financial statements prepared by the client in accordance with CPA Canada Handbook Standards. The independent accountant’s audit engagement report provides the highest level of assurance over the financial statements. The audit report provides an opinion often referred to as positive assurance, that states that the financial statements are free of material misstatements. The engagement is based on the following procedures: Evaluation, Inspection, Physical testing, Observation, Analytical, Inquiring, and Discussing with management to assess that the financial statements are free of material misstatements.
Our Chartered Professional Accountants here at Insight Accounting CPA, perform special reporting engagements on different forms of financial information to audit, review, and test based on specified procedures provided by the client. We perform procedures on specific financial information that is based on an approved framework and guidelines discussed by the client for their individual requirements. These requirements are usually set in advance by the users of this financial information to receive comfort over them.