We believe that providing audit assurance services requires an indepth knowledge of our client’s business. An efficient audit relies on our professional judgement to focus in on areas of risk and provide the highest level of assurance.
Cultivating and understanding of our client’s operations and internal controls allows us to provide strategic guidance on efficient business operations, key success factors and weaknesses.
Materiality and professional judgement play an important role in our audit services which allows us to deliver efficiency, value and focused audit services.
Condominium corporations form a large part of the number of audits we service at our firm. We have earned the trust of condominium owners, boards and management due to our long term involvement in the industry. Our commitment and memberships to the Canadian Condominium Institute (CCI) and Association of Condominium Managers of Ontario (ACMO) involve servicing these associations by providing lectures on behalf of ACMO and CCI on various matters relating to financial management for condominium property managers as well as financial matters relating to reserve funds. Our published articles in Condovoice have provided condominium boards ways to elevate their governance through our guidance and to enhance their awareness from our experience. The balance of keeping up to industry pronouncements and standards along with a good understanding of the interaction between owners, board members and management allows our firm to conduct audits in a manner that is most efficient without compromising assurance to the owners.
Private Career Colleges (PCC)
The assurance required by the Ministry of Advanced Education and Skills Development (MAESD) has been increasing steadily since 2011. While many firms understand the requirements of providing a year end audit, there are many unique audit filing requirements stipulated by MAESD that other firms may lack the experience and the efficiency to handle. These include the audit of the prepaid unearned revenues, revenue by source, foreign and domestic student enrolment, foreign student trust account, as well as the key performance indicators for both ongoing OSAP designated schools and for the first time OSAP application.
We have contributed to the PCC community by providing consultation with senior policy advisors with MAESD on audit matters and standards relating to Key Performance Indicators. We also have given lectures to CCO members on industry best practices in relation to audit, operational efficiencies and upcoming regulatory standards.
We believe that external auditors have a high responsibility to act at the front lines to MAESD and to build the trust between MAESD and with your PCC.
NPO / Charity
In representing various professional associations as well as socially driven charities and not for profit organizations we have developed the ability to communicate and guide volunteer boards and staff to achieve greater levels of audit and accounting efficiencies. Guidance with respect to fund accounting as well as governance of such funds is critical aspects of the development and growth of such funds. We recognize our role to provide assurance on those organizations and as well individuals who have contributed and donated such funds and to the organization. We believe effective guidance on proper and meaningful disclosure ultimately enhances the overall wellbeing and transparency of your organization.
Private Corporation Audits
Many of our audits in this area include audits of entities that are required to comply with securities commissions, travel associations, and other industries that have regulatory filings and compliance. Our approach to understand material rulings as well as working with the deadlines of such filings are critical to maintenance and renewal of such licences with the regulatory bodies. In addition to our audit, we have provided guidance on the maintenance of operational and financial ratios in order to comply with the mandates as defined by the regulatory bodies.
As review engagements have become less common in the marketplace, we have been able to draw from our past experience with reviews when assurance engagements were more balanced. The review engagement still has its place as many financial institutions still require a mid level of assurance on the plausibility of the financial information. We have leveraged efficiency with review engagements by extensive use of analytical review analysis to minimize our time yet preserve assurance demanded.