AUDIT & FINANCIAL REPORTING

Notice to reader– Compilation engagement (no level of insurance) :

The purpose of a notice to readers or compilation engagement is to put the professional accountant skills at the service of the entity management. Such skills are use to collect, classify and summarize in a predefined form the accounting and financial information provided by the management without assessing the validity of the information.

Notice to readers or compilation may be appropriate when financial statements can be prepared for the use of internal management of the company or for tax purposes and no level of insurance is required.

Review engagements (good level of insurance) :

If an audit is not required by lenders, stakeholders, shareholders or members, it is possible to choose a review engagement, allowing a good level of insurance and credibility. Usually, this level is best for mid-sized business that work with a significant but limited number of outside parties.

The review engagement objective is to prepare and review financial statements to ensure that they are credible, that is to say trustworthy in accordance with accounting principles generally accepted in Canada. The degree of assurance is less than that which results from an audit.

Your CPA will review the financial information only internally. Usually he will not contact outside parties dealing with your business to authenticate your accounts, unless if the CPA feels the necessity to do so. The CPA must be independent of the client business and have a good knowledge of the organization.

Audit (high level of insurance) 

The financial audit engagement is the modern form of control, audit, inspection, monitoring accounts, providing a critical opinion. The audit can be internal or external. In the case of an external audit, it may be subject to contractual or legal requirements, depending on the nature of the organization or past/future transaction.

Audited financial statements are the primary means by which many companies and organizations are accountable to their creditors, shareholders and the government.

The preparation of financial statements for an audit is the responsibility of the management of the company or organization. The responsibility of the auditor is to express an opinion on these financial statements.

An audit engagement minimally includes:

• A review of internal controls in place within the company or organization
• A report that meets the different needs of external users
• Evaluation of financial performance of the entity and recommendations for a better performance and control

TAX

Income tax

Whether you are an employee, retiree, investor, small or large business, we can help you meet your tax obligations all year long.

Tax planning

The goal of tax planning is to arrange your financial affairs so as to minimize your taxes. There are three basic ways to reduce your taxes, and each basic method might have several variations. You can reduce your taxable income, increase your deductions, take advantage of tax credits or a combination of several methods.

R&D Credits

The tax credit program (R & D) is a financial incentive offered by the federal and provincial governments to encourage innovation, improvement and development of new processes within your company. Regardless of your industry, this program reimburses a portion of your investments in research and development (R & D).

Unknowingly, many companies invest each year (R & D) and forget to claim the credit. If you improve, invent or develop new processes, equipment or products, you may be eligible.

ADVICE

Our financial analysis and simulations are very useful for anyone who wants to start a new project, to acquire a business,to launch a new product, to increase production capacity, to purchase new equipment or to acquire a franchise

You will fins answers to important questions:

• Is the project profitable?
• What level of production is required to justify the purchase of new machinery?
• Is the franchise agreement too restrictive?
• What level of sales do I need to reach to cover my fixed costs?
• Is this company in good financial health?

Bookeeping, governement compliance reports, etc...

To meet all accounting and administrative needs of our customers, we offer additional services to our compilation engagements.

Including:

• Bookeeping
• Governement mandatory reports (Payroll deductions, Sales taxes and others)
• Payroll calculations

These services allow us to better understand the business of our customers and to offer better advise all in a one-stop accounting services firm.