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Audits, Reviews, and Compilations

Creditors, investors, shareholders and funding agencies require financial statements that accurately represent the true financial position of an organization. We provide three different levels of financial statement to meet your needs: Audits, Reviews and Notice to Readers.

Audit

An audit provides the highest level of assurance. In an audit we complete an intensive review and objective examination of the financial statements. Audit procedures are based on a multi-layered risk assessment, and typically include a review of internal controls, testing of selected transactions and accounts and communication with third parties, among other procedures. The goal of an audit it to provide an opinion on the organization’s financial statements being in accordance with ASPE, IFRS, PSAB or ASNPO. Our firm provides external audit services to numerous Corporations, Municipalities, Credit Unions, Charitable Organizations, and Not-for-Profit Organizations.

Review

A review engagement is less extensive than an audit, but more involved than a compilation. In a review we perform some analytical procedures with the view to provide negative assurance that the financial statements are in accordance with the specific accounting guidelines.

Notice to Reader

A Notice to Reader (Compilation) provides basic financial statement reporting with no level of assurance. It is based upon client information provided and used primarily for internal use.

Which to Use

So what level of assurance should you use? Each type of financial statement report suits specific circumstances depending on the requirements of creditors, investors, or shareholders. We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company’s profitability and efficiency. If you’re not sure which option is the best option for you, please contact us.

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Adams Wooley
Chartered Professional Accountants
824 - 1st Street South
Cranbrook, BC V1C 7H5
+1 (250) 426 8277     +1 (250) 426 4109 fax

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