Audits, Reviews and Compilations
At KBFP, we offer qualified accountants for audits, reviews or compilations to meet the needs of your business. Whether your establishment is a private business, partnership, charity or non-profit organization, we ensure best accounting practices to maintain accurate financial records for both external and internal use. Whether the appropriate choice is an audit, review or compilation depends on the needs of the organization and legal requirements as determined by both federal and provincial law. Also, certain enterprises such as condominiums may be regulated by specific government legislation such as the Condominium Act in Ontario, and similarly with not-for profit organizations which have their own government legislation. At KBFP our qualified professionals ensure you are in compliance with the law whatever kind of business we are serving.
An audit is the most extensive of the three choices. It provides a thorough analysis of all financial statements and reports. Financial statements reviewed include balance sheets, profit and loss statements, inventory reports, and cash flows to determine the accuracy of accounting reporting. Whether choosing an audit, review or compilation an audit is best for use by those who rely on the accuracy of financial reporting outside management such as shareholders, condominium owners, and insurance companies. For many businesses and non-profit organizations it is required by legislation. A final audit report provides reasonable assurance to outside parties whether financial statements are accurate and if not where improvements must be made. Audits are used by management for both financial planning and improving accounting practises. We at KBFP can offer assurances that our qualified professionals will complete thorough and accurate audits on which you can rely.
In some cases where an audit is not required a review or compilation may be a sufficient choice. A review may be chosen when a lower level of assurance is required by some outside parties, but it is understood that the assurances are not as thorough as an audit. We provide our qualified professionals to analyze financial statements to see if they appear reasonable, and to look for unusual trends that may need explanations of their cause and require footnotes to explain unusual variances. Our qualified professionals are knowledgeable about the types of businesses they are reviewing, ensuring a proper review that provides some assurance of the accuracy of financial statements.
At KBFP our qualified professionals also offer to prepare compilations from financial information given to us by management. These financial statements can be used for tax purposes or internally by management for further business planning and review of procedures by internal management. Compilations unlike audits and reviews do not provide assurance to outside users of their accuracy but may be adequate for small business owners.
At KBFP we have the professional staff to ensure that our clients meet the legal and best accounting practises and can advise whether an audit, review or compilation is adequate for your establishment. Our professionals have the required knowledge each type type of firm and keep up to date with frequent changes to new legislation of federal and provincial governments, as well as additional guidelines from professional accounting bodies. Our services are affordable and reliable. At KBFP we take pride in our work and our committed to our clients. We look forward to meeting the specific needs of your organization.