WHY HAVE AN ACCOUNTS, AUDIT, ASSURANCE OR RELATED SERVICE?
You may want to demonstrate to various stakeholders, such as investors, the bank or regulators, that your business correctly accounts for funds entrusted to it. These claims are more credible when you have an audit, assurance or related service carried out by a respected professional. In many cases, your business may be required by legislation, regulation or contract terms to engage a Chartered Accountant to undertake a certain type of service. For example, financiers may seek assurance that you are complying with the terms of the loan. Involvement of a Chartered Accountant helps to increase trust, benefiting both your business, and your working relationships. It may also decrease the cost of doing business because the rigour of the service may assist the business become more efficient.
Providing financial information to our clients in a timely and accurate manner is a commitment that we feel cannot be compromised. Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis. Our firm provides a full range of cost-effective accounting services.
Often the reason you need an audit your financial statements is because of a third-party requirement, making it easy for you to ask what value you receive from this service. At Styde our goal is not just to serve your attestation needs, but to be a valuable part of your financial team. We strive to provide you with guidance and insight from our experience and what we learn during our audit to help you improve your operations and overall financial strength.
For smaller or mid-sized entities that are not required to have a full scope audit, a limited review may be more appropriate. Rather than testing actual transactions, a review relies more on inquiry and analytical procedures. For many companies, a review provides an adequate level of assurance at a significant cost savings over a full scope audit.
For many smaller clients that simply need a basic financial statement with an accountant’s report to satisfy internal management or regulatory bodies, a compilation may be sufficient and can be done for a nominal cost.
At times we maybe requested to perform audit procedures on just specific accounts or areas of the financial statement but do not want a full-scope audit. We can accomplish this with agreed upon procedures. Often, they are used to supplant a review engagement with additional procedures in certain areas that would normally only be performed in a full scope audit. In doing so, substantial cost savings can still be achieved compared to a full scope audit.