Assurance

At Michael Waldkirch & Company Inc., we provide accounting services in three different types of engagements: audit, review and compilation:

Audit: 

An audit provides the foundation for credible financial information, which is essential to establishing the confidence of and access to capital markets. In addition, stakeholders require responsible and objective judgements from independent auditors.

A deep knowledge of business, business risks, financial reporting principles and regulatory requirements, as well an understanding of complex business systems, processes and controls is also important. Moreover, auditors' judgements must be rooted in professional integrity as well as an in-depth understanding of each client's industry value drivers, competitive positioning and marketplace practice.

Our audit opinion is the end result of a powerful combination of professional integrity, independence and ethical behaviour, underpinned by rigorous quality control procedures. This approach is supported by some of the leading methodologies, technologies and tools that assist our teams to access knowledge, focus on the issues that impact on our audit judgements and help to improve the efficiency of the audit. The overall result is an independent and incisive view attesting the quality of the information provided.

Review:

At a substantially lower cost than an audit, a review engagement provides a form of negative assurance on the financial statements of an entity.  In a review engagement, we rely primarily on analytical techniques, management enquiry and representation, analytics and plausibility to determine the reasonableness of the financial statement assertions.

Inspite of providing assurance that is lower than an audit, a review adds reasonable credibility to financial statements.  Review engagements are normally required by banks, insurance bond companies or other financial support institutions where moderate financial risk or exposure exists.

Compilation:

Small owner managed business normally, have no need for expensive audits and reviews.  Compilations are acceptable when third party stakeholders have limited or no involvement or the need for complex reporting and presentation standards.  All that such business need is a set of financial statements for internal management reporting and tax compliance.  We compile the financial information provided by management into a financial statement that is suitable for the purpose intended.

Other Accounting Services:

We provide timely information to management by offering bookkeeping services. With these services, we provide clients with timely monthly financial information at an effective cost relative to setting up and staffing your own accounting department.
Towards this end, we provide the following services:

• Prepare interim financial statements on a monthly or quarterly basis
• Review and/or prepare chart of accounts
• Prepare and file GST, PST, and WCB returns
• Prepare and file payroll remittances
• Process AP and AR
• Record and post GL transactions
• Prepare and file T4s and T5s
• Assist in software conversions

 

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