Since its introduction, the need for companies’ financial statements to be audited by an independent external auditor has been a cornerstone of confidence in the world’s financial system. The objective of a financial statement audit engagement is to allow independent Chartered Accountants in Toronto to render an opinion on the fairness of the client’s business financial statements. When a company has to go through the audit process, an auditor may use the term “audit engagement”. This can mean different things, so it is important that the auditor or Chartered Accountant to clarify what he or she means when they use the term. The auditor or Chartered Accountant always follows specific procedures and guidelines for handling the engagement. The benefit of a financial statement audit in Toronto is to provide reasonable assurance that management has presented a “true and fair” view of a company’s financial performance and position. Financial audits in Hamilton enhances the degree of confidence of intended users and are preferred by shareholders, government, banks and other creditors. Federal and provincial legislation in Canada generally requires corporations to prepare annual financial statements for audit by qualified independent auditors.
Other common engagements providing reasonable assurance like that of financial audits in Hamilton include:
- Operational audits
- Comprehensive audits
- Internal audits
- Compliance audit