Byron D. Smith Professional Corporation has extensive experience with providing accounting services for a wide variety of corporate clients. We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency.
All incorporated businesses are, by law, required to present audited financial statements to their shareholders, unless all shareholders agree in writing to waive the appointment of auditors. Some businesses may have other reasons for requiring an audit, such as the need for financing, the sale or purchase of a business or because management finds added value in the audit. However, for many businesses, the additional costs may outweigh the benefits of more rigorous scrutiny. We can help you determine the level of assurance most beneficial for your business and tailor the work to meet your needs.
THREE LEVELS OF ENGAGEMENTS:
Audit - An audit involves an intensive examination of your business's financial records, its operations and provides the highest level of assurance that the financial statements are presented fairly. We use Canadian generally accepted auditing standards to plan and perform the audit to obtain reasonable assurance that the financial statements are free of material misstatements. During the audit, we develop a thorough understanding of your business, which also allows us to make recommendations for improvements to your accounting systems, internal controls, and other operational activities.
Review - A review provides a moderate level of assurance and requires significantly less work to complete the engagement. Based on Canadian generally accepted standards for review engagements we use primarily inquiry, analysis, and discussion to determine that the financial information provided by management is plausible.
Compilation - If your business has minimal external reporting requirements and you are actively involved in daily operations, a compilation engagement is a low-cost, non-assurance alternative. For the compilation, we create easy-to-read financial statements from information provided to us. A compilation is usually appropriate when prepared primarily for use by management/owner or meeting tax filing requirements.