Assurance and
Accounting

At Mah LLP, we provide assurance and accounting services in three different types of engagements:  audit, review and compilation engagements. 

Each of these engagements requires a different level of assurance and different levels of documentation and analysis. We will work with you to identify the users of your financial statements and their particular needs to ensure that our scope of work is appropriate for your needs.

 

Audit Engagement

An audit allows us to understand whether your financial statements meet Canadian Generally Accepted Accounting Principles and are fairly presented. Our audit involves a detailed examination of your financial statements, providing the highest level of assurance. 

An audit is typically required for public companies and large private companies with multiple shareholders, extensive debt obligations or numerous financial statement users.

 

Review Engagement

Where an audit is not required, financial statements may be prepared on a review basis. Entities that are not required by law to have an audit may still want some level of independent assurance to increase the credibility of their financial statements.

A review engagement aims to prepare and review financial statements to ascertain whether they are plausible.  Reviews provide limited assurance that the financial statements conform to Canadian Generally Accepted Accounting Principles. 

Since the work involved in performing a review engagement is generally less than that of an audit, a review may be a more cost-effective option while still engaging the financial reporting expertise of an independent, professional accountant. 

A review is typically required for medium to large private companies with multiple shareholders and external debt obligations.

 

Compilation Engagement

A compilation engagement is the assembling of financial information solely by the company into a financial statement format and providing no assurance. It is not necessary for a compilation to adhere to a specific accounting standard.

A Notice to Reader communication is a notification as to the limited use of the compilation engagement. 

A compilation is typically sufficient for small to medium private companies with a sole shareholder and has little or no debt obligations.