Financial Reporting Services
We provide traditional compliance services for our clients to ensure that financial reporting requirements are completed in a manner that meets the regulations and guidelines of the Institute of Chartered Accountants of Canada. These assurance services include:
Internal and external stakeholders in a business need the assurance that financial reports represent what actually happened. If there is substantial debt owed by a company, the lending institution becomes a key user of the annual financial reports of the company and as a result may request audited financial statements. Ward & Uptigrove professionals use the latest auditing methods to ensure the appropriate tests and review of internal controls are completed in attesting the accuracy of the annual published financial statements.
We are required to meet auditing standards established by the Institute of Chartered Accountants of Canada. As such, auditing services require the highest level of assurance with respect to the company’s annual financial reports. This includes confirmation of transactions with external sources and a review of management’s internal controls. Audited statements are presented with the objective that results are presented fairly, in all material respects, in accordance with generally accepted accounting principles.
The added benefit of an audit is that it provides management with an assessment of its internal controls. At Ward & Uptigrove we provide a written report that will identify potential weaknesses so management can improve internal controls over its financial reporting process with the goal of improving profitability of the business.
A review engagement is the most typical form of assurance report prepared for small and medium sized privately-held companies. A review engagement provides a lower degree of assurance to the users than does an audit. We do not report on the fairness of the financial data but rather focus on whether anything has come to light that would cause us to believe that the financial statements are not in accordance with generally accepted accounting principles.
Our role is to comment on the plausibility of the financial statements by examining information provided by management and comparing it to historical records, analyzing relationship of numbers with current trends within the business and the industry segment in which the company operates (if such information is available). A less substantive approach is taken with regards to obtaining independent evidence to support financial data.
Notice to Reader
A notice to reader report is considered sufficient in those situations when there are no outside users of a company’s financial statements. For example, this could be the case where the company is not required to provide its financial statements to their lending institution for the purposes of obtaining financing. Outside users, including potential purchasers, generally do not place a great deal of reliance upon notice to reader financial statements.
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