Audit of financial statements
We offer an opinion as to whether or not your financial position and operations results have been fairly presented to your lenders, creditors, partners, and customers. For you, this opinion is the highest level of assurance you can receive.
An audit of financial statements by an independent expert may be required for various reasons. For example, a company’s banker may require an audit to support an application for financing; an audit may be necessary when negotiating the purchase or sale of a business; or management or owners may find value in having an audit, particularly when performed by a Chartered Accountant such as Dickson, Stojak, Brown Chartered Accountants.
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Review of financial statements
We issue a written communication expressing a conclusion concerning the plausibility of your financial position and operations results.
A review engagement provides clients and the readers of their financial statements with limited assurance that the financial statements are presented fairly in accordance with applicable standards.
Many times an audit is not a requirement; we advise our clients when it is required or advantageous to have an audit. In many instance it is not, and as such we provide a less costly solution in a Review.
This type of engagement is useful when a company doesn’t need audited financial statements but management or third parties (eg. Banks, granting agencies, etc.) want some level of assurance that the financial statements are plausible.
Since the assurance provided in a review engagement is lower than in an audit, the scope of the work associated with a review engagement is significantly less than that of an audit as well. A review consists primarily of enquiry, analytical procedures, and discussion related to information provided by you to assess whether the information provided is plausible.
