Financial statement audit engagements exist to add credibility to the implied assertion by an organization’s management that its financial statements fairly represent the organization’s financial position and performance to the firm’s stakeholders (interested parties). The principal stakeholders of a company are typically its shareholders, but other related parties such as tax authorities, banks, regulators, suppliers, customers and employees may also have an interest in ensuring that the financial statements are stated fairly and in accordance with generally accepted accounting principals which are now called Accounting Standards for Private Enterprise which is part of the International Financial Reporting Standards.
The audit is designed to reduce the possibility of a material misstatement. A misstatement is defined as false or missing information, whether caused by fraud (including deliberate misstatement) or error. Materiality is very broadly defined as being large enough or important enough to cause stakeholders to alter their decisions.
CC&C will review and report on your internal controls and perform compliance and substantive audit tests on your systems and data. We provide an expert opinion as to the fairness of your financial statement content and presentation.
The new Canadian Assurance Standards affect all assurance engagements and the quality of information that we require from our assurance clients.
Reviews provide a lower level of assurance as compared to audits. Review engagements are designed to satisfy less demanding requirements of lenders, shareholder’s or other interested users. A review will consist of primarily inquiry and analytical procedures. CC&C will not report on anything that causes us to believe that your financial statements are not, in all material respects, in accordance with generally accepted accounting principles.