Assurance Engagements

With the ever evolving business landscape the risks and complexity of doing business is growing. To remain relevant and competitive in such market conditions the need for assurance and reliability of financial information is gaining higher importance in the eyes of both management and the board. Financial information is one of the primary forms of external communication and fundamental in establishing the confidence of various stakeholders. We at SAV Associates can assist you in obtaining that assurance. Our firm performs assurance engagements at highest levels of quality and based on our knowledge we provide unique insights and perspective on your business.

Type of Engagements

  • Compilation / (Notice to Reader): These engagements involve assisting you in preparing unaudited special purpose statements generally for income tax, financial institutions or management purposes.  Usually full set of financial statements are not prepared for such engagements however the financial statements are prepared and presented in a generally accepted format.  Our clients do as much summarizing, bookkeeping and accounting as possible to keep their costs low however we do provide clarifications on accounting issues when consulted.
  • Financial Statement and Special Purpose Reviews: These engagements provide reader with an assurance that the financial statements are plausible however review engagement do not provide similar assurance as an audit. The statements are clearly marked Unaudited however as the level of work required to complete a review engagement is relatively lower than an audit this is a cost effective way of providing assurance over your financial statements. We can assist you in the review of your financial statements prepared using generally accepted accounting principles. We also perform special purpose review engagements to meet your agreement requirements. Our review would consist of enquiry, analytical procedures, and discussions that would provide us with assurance regarding the plausibility of the statements. Some of the cases where Review engagements are generally completed are lending institution seeking assurance of financial statements, potential buyers seeking assurance over revenue and cost of sales, joint ventures seeking assurance over income and spend, foreign investors seeking assurance over agreements.
  • Financial Statement and Special Purpose Audits: These engagements involve conducting an audit according to Canadian generally accepted auditing standards.  The audit would lead to an opinion that the financial statements are presented fairly in accordance with Canadian generally accepted accounting principles. Clients may need an audited set of financial statements to meet Statutory regulations, for renewing licenses or upon request from a third party such as a lending institution or a potential buyer. In case assurance is required over specific area such as assurance over revenue, inventory, account receivables, a special purpose audits can also be performed thereby avoiding time consuming and expensive process of auditing full set of financial statements. Many non-profit organizations require an audit due to Statutory regulations. We provide audit services for Not-for-profit organizations, condominium corporations and other private corporations.
  • Attestation Engagements other than Audits or Reviews – These engagements involve conducting an attestation engagement according to CSAE (Canadian Standards on Assurance Engagements). CSAE 3000 is effective for engagement reports dated on or after June 30, 2017. Example of such engagements are CSAE 5925 an audit of Internal Controls Over Financial Reporting that is integrated with an audit of Financial Statements, CSAE 3416 Reporting on Controls at a Service Organization – popularly known as SOC (Service Organization Control) reports, CSAE 3410 assurance engagement on Greenhouse Gas Emissions, CSAE 5815 audit report on compliance with Agreements, Statutes and Regulations.
CRA - Continuance (transition) checklist CRA NFP Transition Checklist
Industry Canada Transition guide Industry Canada Transition Guide
Legislative Summary of Bill C-4: Canada Not-for-profit Corporations Act Legislative Summary
Question for Director to ask - A Guide to Financial Statements of Not-For- Profit Organizations Questions NFP Directors to ask - FS
20 Questions Directors of Not-For-Profit Organizations Should Ask about Risk Questions NFP Directors to ask - Risk
20 Questions Directors of Not-For-Profit Organizations Should Ask about Governance Questions NFP Directors to ask - Goverance

Assurance Engagements and Other Services

We are Licensed Public Accountants and are available to provide assurance reports as may be required by Banks, Government agencies, licensing bodies, foreign investors, prospective buyers or for any other purpose.

  • Review Engagements
  • Audit Engagements
  • Special Purpose Engagements
  • Compliance Audits
  • Royalty Audits for Franchisors
  • Revenue Audits for Sale of Business
  • Review and Audit for NFP (Not for Profit Organizations)
  • Audit of Condominium Corporations – (Condo Audit)
  • Audit for Contribution Rebate Program – Municipal Elections Act 1996
  • Audit or Review of Trust Accounts required for license renewals
  • Renewal of Registration under Private Career Colleges Act
  • Internal Audit Outsourcing
  • Technology Audits