Audit and Review of Financial Statements
CHARTERED PROFESSIONAL ACCOUNTANTS PROVIDING AUDIT AND REVIEW SERVICES FOR BUSINESS CLIENTS IN VAUGHAN AND ALL ACROSS THE GREATER TORONTO AREA
At Skupchenko, CPA, Professional Corporation, we provide audit and review services and are a Vaughan based public accounting firm.
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 Professional Accountants is the standard for providing an independent report on the financial health of an organization. Chartered Professional 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).
Types of our audit and review clients our accounting firms serves in Vaughan and Toronto:
1. Private Career Colleges ("PCC").
PCC has statutory requirements to submit annual audited financial statements to the Ministry of Training, Colleges and Education. We have extensive experience in working with private colleges in Ontario. In addition to audited annual financial statements, PCCs are required to submit audited schedules of monthly prepaid unearned revenue, revenue by funding source, international and domestic student enrolment and report on the operation of the trust account. Additionally, PCCs are required to submit annual audit of KPI. Our Vaughan based licensed public accounting firm will assist you with all of your PCC audit needs.
2. Charities and not-for-profit organization
Charities and not-for-profit organization sometime need to have an audit of their annual financial statements. Grant applications often require an audit report from a licensed public accountant. We have experience and knowledge in auditing charities and not-for-profit organizations.
3. Day Care Centres
Day Care operators in the York Region and Toronto area are required to have an audit of the year-end financial statements if they receive certain amount of grants and subsidies from the government. Additionally, these businesses have to submit various auditors' reports regarding use of the grants received. Our accounting firm has developed extensive knowledge of audit reporting requirements for day care centres.
4. Private corporations.
Private corporations often require to have audited or reviewed financial statements by a licensed public accountant. The common situation is a bank loan application. Banks usually have thresholds for audit and review requirements based on the amount of borrowed money. Our firm has extensive knowledge in audits and reviews of private enterprises. We are ready to serve your needs!
Types of reports issued by licensed public accountant
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.
Our audit clients include condominium corporations, private colleges, not-for profit organizations and various private corporations located in Vaughan, Mississauga, North York, Richmond Hill and Toronto.
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 Professional 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 Canadian Accounting Standards for Private Enterprises. Reviewed financial statements must include all required footnotes and other disclosures.
Our review clients include not-for profit organizations, travel agencies and other private corporations based in Vaughan, York Region and Toronto.
Which Report Should You Use?
Each type of financial statement report may suit specific circumstances, depending on requirements from your bank or other parties, as well as meeting budgetary needs.
Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one. Please call our Vaughan office if you have questions about which type of report is right for you.