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Preparation and Audit of Financial Statements

Our independent member firms prepare financial statements and conduct audits for small and medium sized entities as required by certain laws and contracts.

In addition to the audit, which adds credibility to your financial statements, assistance is also provided in determining the type of accounting and reporting systems you require, locating and installing them, and training your staff to do the work. Although your management team is ultimately responsible for preparing financial statements and ensuring fairness, as your external auditor, a Porter Hétu International member firm is responsible for testing the data and expressing an opinion on your financial statements according to generally accepted auditing standards.

Compilation

Porter Hétu International member firms can prepare (or audit) specific information as may be required to comply with commercial leases, banking covenants, government grants, investors and more. Compilation presents your financial statements for information purposes without expressing assurance as to their accuracy.

Review

A Review can be completed by using inquiry and analytical procedures to provide a basis for expressing limited assurance that there are no material modifications that should be made to an organization’s financial statements in order for them to conform to generally accepted accounting principles.

Audit

Through the audit procedure, our member firms will investigate the adequacy of an organization’s system of internal controls, consistent use of generally accepted accounting procedures, and the presence of material errors in the data. An auditor’s report is made to the board of directors summarizing findings and providing an opinion. Throughout the process, the auditor can also make recommendations on efficiencies and more effective procedures. The auditor will attend the AGM to answer questions posed by shareholders and/or membership.