At Skupchenko & Co. Chartered Accountants, Toronto based accounting firm we provide audit and review services.

Proper and timely financial statements are key tools for the management of your business.  We prepare financial statements and disclosures of information pertinent for all stakeholders of your organization, provide levels of assurance on these statements, and consult with you on what the numbers really say and mean to you.

The preparation of financial statements by Chartered Accountants is the standard for providing an independent report on the financial health of an organization.  Chartered Accountants integrity associated with your financial statements provides a higher comfort level to the users of those financial statements (such as owners, bankers, investors, and vendors).  

Audit - Highest Level of Assurance

An audit provides the highest level of assurance.  An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the chartered accountants firm or as established by general practice.

Our work includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on findings, chartered accountants firm issues report on whether the financial statements are fairly stated and free of material misstatements.

Review - Limited Assurance

Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company's management team.  If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.

A review doesn't require us to study and evaluate your company's internal controls or verify data with third parties or physically inspect assets.  Rather, a review report issued by Chartered Accountants expresses limited assurance in the form of the statement: "We are not aware of any material modifications" for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures.

Notice to Reader - Lowest Level of Assurance

In compiling financial statements for a client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements. Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.

Banks often require compilations from an independent Chartered Accountants as part of their lending covenants.

Which Report Should You Use?

Each type of financial statement report may suit specific circumstances, depending on requirements from your client's bank or other parties, as well as meet budgetary needs.

Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you.

Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one.

For a complimentary initial consultation call us (416) 738-1899 x401 or email dimitry@ca4gta.com