The objective of a financial statement audit engagement is to allow independent Certified General Accountant in Winnipeg to render an opinion on the fairness of the client’s business financial statements. When a company has to go through the audit process, an auditor may use the term “audit engagement.” This can mean different things, so it is important that the auditor or Certified General Accountant to clarify what he or she means when they use the term. The auditor or Certified General Accountant always follows specific procedures and guidelines for handling the engagement.
The benefit of a financial statement audit in Winnipeg is to provide reasonable assurance that management has presented a ‘true and fair’ view of a company’s financial performance and position. Financial audits in Winnipeg enhance the degree of confidence of intended users and are preferred by shareholders, government, banks and other creditors. Federal and provincial legislation in Canada generally requires corporations to prepare annual financial statements for audit by qualified independent auditors.
The auditors’ responsibility is to express an opinion on those business financial statements. The Certified General Accountant in Winnipeg must plan the audit to obtain reasonable assurance that the business financial statements are free of material misstatement. The procedures required for the financial audit in Winnipeg include substantive testing of account balances through analysis, inquiry, inspection, observation and confirmation. Certified General Accountants performing the audit engagement focuses on independent evidence. This process is much lengthier than a review, which enables professionals to provide a higher level of assurance through the issuance of an Auditors’ Report stating that the company’s business ﬁnancial statements are in accordance with Generally Accepted Accounting Principles (GAAP). When issuing an opinion, the Certified General Accountant in Winnipeg is also required to provide audit findings and/or management letter. The management letter summarizes the accountant’s evaluation of the client’s internal controls, signiﬁcant accounting policies, unusual transactions, disagreements with management and other pertinent ﬁndings. This service is not available for Reviewed Financial Statements since many of these evaluations are only performed during a Financial Statement Audit Engagement.
IF YOU LIKE TO FIND OUT IF YOUR ORGANIZATION REQUIRES A FINANCIAL STATEMENT AUDIT OR AN AUDIT ENGAGEMENT REPORT ATTACHED TO THE BUSINESS FINANCIAL STATEMENTS PLEASE EMAIL US AT MIKE@MCLENEHAN.COM OR CALL THE OFFICE AT 204-505-3113 TO SPEAK WITH ONE OF OUR EXPERIENCED ACCOUNTANTS. MMCGAPC WILL TAKE CARE OF YOUR FINANCIAL STATEMENT AUDIT SO YOU CAN FOCUS ON WHAT’S IMPORTANT – THE SUCCESS OF YOUR BUSINESS!