Our Assurance Services

With the ever-evolving business landscape, the risks and complexity of doing business are 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. You may also be required to perform an audit to meet statutory regulations or key customers (Third Party Assurance Reports). Our services are also available to such clients that need audit services. 

We at SAV Associates, the CPA Firm Toronto, 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.

We have extensive experience is generating financial reports and reviews to benefit your business. Our team of experts do not just help you with the paperwork, but also consult you on the findings of the reports and help you find the best solutions for your business.

Depending on the needs of our clients, we provide various types of audit and assurance services. Each of these is differentially priced depending on the amount of work that is required by our team of experts, thereby giving you better cost control.

Compilation: We assist you in preparing your unaudited financial statements.

Reviews: We review the financial details that are provided by you and discuss your transactions in depth to gauge the correctness of the details provided. This still does not constitute an audit but is a widely accepted form of assurance amongst potential buyers, investors, banks and boards.

Audits: Our experts conduct the financial statement audit as per statutory regulations and submit a report that bears our assurance that all details provided are true. These reports can help you renew your licences or help your potential buyers. Even non-profit organizations require audits from time to time to meet statutory requirements.

Attestations: Canadian Standards on Assurance Engagement (CSAE) has now made CSAE 3000 mandatory for all engagement reports issued after June 30, 2017. SAV Associates is well equipped to handle various attestations under CSAE that can help you report compliance for various regulatory or statutory bodies.

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  • 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, the 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 summarize, 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 the 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 a specific area such as assurance over revenue, inventory, account receivables, 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.
  • CSAE 3416 / CSAE 3001 (SOC Reports) – Canadian Standard on Assurance Engagements (CSAE 3416) or popularly known as Service Organization Control (SOC1) report, addresses audit engagements undertaken by a service auditor to report on controls at organizations that provide services to user entities when those controls are likely to be relevant to user entities’ internal control over financial reporting. Service Organization Control (SOC2) report based on AICPA and CPA Canada   Trust Services Principles, provides assurance on Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality or Privacy. CSAE 3416 / CSAE 2001 (SOC 1 / SOC 2 / SOC 3) report allows user auditors to place reliance on the work of an independent auditor for outsourced services thereby reducing the amount of audit testing of the internal controls at the service organization. There are many other benefits of performing the engagement:
  • Competitive advantage – To meet or exceed contractual requirements thereby giving your organization a competitive advantage in the market place
  • Revenue growth – Improved client confidence of security over sensitive information will help draw more customers to your organization
  • Reducing cost – You achieve this by standardizing processes with the help of optimized controls
  • Scalability – Easier to grow and service more clients at the same time with the help of standardized controls and processes

Also visit us at SOCASSURANCE.CA