In a review engagement, the objective for the independent public accountant is to review your financial statements to determine whether they are plausible by following the Accounting Standards for Not For Profit Organizations (ASNFPO). Review engagements are commonly requested by members, foundations or government. Reviews provide limited assurance that your financial information conforms to Canadian Generally Accepted Accounting Principles (GAAP).
In an audit engagement, the objective for an independent professional public accountant is to express an opinion on the fairness of your financial statements in accordance with Accounting Standards for Not For Profit Organizations (ASNFPO). An auditor will test and gather evidence in order to obtain reasonable assurance that the financial statements are free of material misstatement. Audited financial statements are widely used for your members, bank, donors and government.
Special reports may be requested by government or others providing your organization with funding or grant income. Typically, these kinds of reports require audited financial statements. No matter the type of report or engagement, let us assist you with meeting their requirements.