Financial Reporting, Audit and Assurance
Financial audits and assurances add credibility to financial statements presented to tax authorities, banks, regulators, suppliers, customers, employees and stakeholders. Audits and assurances also solidify a business’ assertion that financial reports are fair representatives of its performance and current condition.
Auditing is focused on analyzing and compiling the historical financial information of a business then consequently determining its validity and accuracy. Since audits should be objective, independent, third-party CPA firms are usually tasked with determining whether or not financial reports and statements are legitimate and accurate.
Financial assurance, on the other hand, uses auditing as a starting point.
Financial assurance services include making financial projections based on evaluations of existing data, and making determinations about whether or not a piece of information is relevant and if it is determined to be so, how relevant it is.
Auditors generally employ the following methods in collecting and analyzing data: verification of data, casting checking, observation, physical examination, vouching, confirmation, inquiry, inspection, re-computation, bank reconciliation, year-end scrutiny, and others.
While audit opinions are created to be as accurate as possible based on the information given and gathered, they do not provide absolute assurance. What audits do provide are objective examinations of financial reports and statements, which consequently adds value and credibility to a company’s public position in the eyes of employees, stakeholders, clients, tax authorities and financial institutions.
Wizebiz.ca is focused on helping IPO start-ups, private equities and venture capital firms with their financial reporting, audits and assurances.
We’re business people too, so we understand the importance of making sure that financial statements and reports are as accurate as possible.
We make sure that all reports, audits and assurances are as accurate as they can be, and are delivered as quickly as possible.
For start-ups, we understand that financial statements should be as legitimate and accurate as possible because these are used to raise capital through the help of banks, financial institutions and potential investors.
For private equities and venture capital firms, we know that they need periodic financial statements prepared specifically for their investors. We fully comply with all the standards set for the said reports, and we comprehend the importance of accuracy of management reports that are to be presented during board meetings and shareholders reporting.
Give us a call. We’ll do the brunt work for you so you can focus on growing and expanding your business.