A financial audit is an independent examination of a company's financial statements, records, and internal controls conducted by certified auditors. The purpose is to verify the accuracy and completeness of financial information and ensure compliance with Canadian accounting standards and regulations. Audits provide assurance to stakeholders that financial statements present a true and fair view of the company's financial position.
Businesses may need financial audits for various reasons, including regulatory requirements, investor or lender requirements, business transactions, or management needs. Audits help ensure financial accuracy, identify errors or irregularities, improve internal controls, and provide credibility to stakeholders. Many Canadian businesses are required by law to undergo audits, while others choose audits voluntarily to improve financial management.
We offer three main types of audit services: Comprehensive Financial Audits for complete examination of financial statements and internal controls; Internal Audit Services for evaluating internal processes, risk management, and operational efficiency; and Compliance & Regulatory Audits for verifying adherence to Canadian regulations and industry standards. Each type serves different purposes and can be tailored to your specific business needs.
The duration of a financial audit depends on several factors, including the size and complexity of your business, the scope of the audit, the quality of your financial records, and the availability of necessary information. A typical audit for a small to medium-sized business may take several weeks to a few months. We work efficiently while ensuring thoroughness, and we'll provide you with a timeline estimate during the initial consultation.
You'll need to provide financial statements, accounting records, bank statements, invoices, receipts, contracts, and other supporting documentation. We'll provide you with a detailed list of required documents during the planning phase. Well-organized records make the audit process smoother and more efficient. We recommend maintaining organized financial records throughout the year, not just when an audit is scheduled.
Audit costs vary based on the size and complexity of your business, the scope of work required, and the type of audit. We provide detailed cost estimates after understanding your specific needs during an initial consultation. Our fees are competitive and transparent, with no hidden charges. We believe in fair pricing that reflects the value and quality of our services.
If we identify errors or issues during the audit, we'll discuss them with you immediately and work together to understand the cause and determine appropriate corrections. Our goal is to help you resolve issues and improve your financial processes. We provide recommendations for addressing identified problems and preventing similar issues in the future. Most issues can be resolved during the audit process.
You don't need to be present for the entire audit, but you should be available to answer questions and provide additional information as needed. We'll coordinate with you to schedule meetings at convenient times. Having a designated contact person who understands your financial systems and can provide information quickly helps make the audit process more efficient.
We conduct audits in accordance with Canadian Auditing Standards (CAS) and follow Canadian accounting standards, including Canadian Accounting Standards for Private Enterprises (ASPE) or International Financial Reporting Standards (IFRS), as applicable. We stay current with all regulatory changes and professional standards to ensure our audits meet the highest quality requirements.
The frequency of audits depends on your business requirements. Some businesses are required by law to have annual audits, while others may need audits for specific purposes such as financing or transactions. Many businesses choose annual audits to maintain ongoing compliance and financial oversight. We can help you determine the appropriate audit frequency based on your specific circumstances.
An audit provides the highest level of assurance and involves extensive testing and verification of financial information. A review provides limited assurance and involves analytical procedures and inquiries but less detailed testing. Audits are more comprehensive and are often required for regulatory compliance or significant business transactions. We can help you determine which service best meets your needs.
Yes, we can help you prepare for an audit by reviewing your financial records, identifying areas that need attention, and providing guidance on organizing documentation. We offer pre-audit consultation services to help businesses prepare effectively. Good preparation makes the audit process smoother and can help identify and resolve issues before the formal audit begins.
We serve businesses across various industries including technology, manufacturing, retail, healthcare, professional services, non-profit organizations, and more. Our team has experience with diverse business models and industry-specific requirements. We bring industry knowledge to every engagement, ensuring that audits are relevant and valuable for your specific business context.
Getting started is easy. Simply contact us through our website form, phone, or email to request a consultation. We'll discuss your needs, answer your questions, and provide information about our services and pricing. After understanding your requirements, we'll prepare a proposal outlining the scope of work, timeline, and fees. Once approved, we'll begin the audit planning process.
Absolutely. We maintain strict confidentiality regarding all client information. We have comprehensive confidentiality protocols and security measures in place to protect your financial data. All our team members are bound by professional confidentiality obligations. Your information is never shared with third parties except as required by law or with your explicit written consent.