A financial audit provides the highest level of assurance of any engagement. There are many reasons why an audit may be required. An audit may be needed to comply with government, bank, shareholder, or other regulatory requirements.
We express an opinion about whether your financial statements are free of material misstatement and whether they are presented in accordance with Canadian accounting standards for private enterprises.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
Contact us today at our Barrie or Newmarket offices if you have more questions about what is included in a financial audit or to schedule a consultation with our team of chartered professional accountants.