Compilations, Review and Audit Engagements

Need a Compilation, Review or Audit? We Prepare Year-End Engagements

Feltham & Associates can perform a compilation, review, or audit engagement for your company in accordance with Canadian accounting and/or audit standards. Each engagement differs in the objective, scope of work performed and the level of assurance provided.

Compilation Engagements

A compilation engagement helps transform your financial information into clear, organized financial statements that can be used for internal decision-making, tax planning, financing discussions, and other business purposes. Compilation engagements are often the preferred choice for owner-managed businesses that do not require the assurance provided by a review engagement or audit.

At Feltham & Associates, we work closely with business owners to understand their operations and reporting needs. Our individualized approach ensures your financial statements are prepared efficiently, accurately, and in a format that is meaningful to you and your stakeholders.

Whether you need financial statements for your corporation, holding company, professional practice, or small business, our team can help you maintain reliable financial information and gain valuable insight into your financial performance.

Our compilation engagement services include:

• Preparation of financial statements
• Corporate year-end reporting
• Financial reporting for management and shareholders
• Assistance with lender and financing requirements
• Tax-ready financial information

Review Engagements

Independent assurance without the cost of a full audit.

A review engagement provides an independent assessment of your financial statements, giving lenders, shareholders, investors, and other stakeholders greater confidence in the information being presented. Through inquiry, analysis, and professional expertise, we determine whether anything has come to our attention that suggests the financial statements are materially misstated.

Review engagements are often the ideal solution for privately owned businesses, professional corporations, not-for-profit organizations, and other entities that require a higher level of credibility than a compilation engagement but do not require a full audit.

At Feltham & Associates, we take an individualized approach to every engagement, tailoring our services to your organization’s unique needs. Our team works closely with management to ensure an efficient process, meaningful insights, and financial reporting that supports informed decision-making.

Our review engagement services include:

• Independent review of financial statements
• Lender and financing requirements
• Shareholder and investor reporting
• Not-for-profit and charity reporting
• Financial statement analysis and insights

Audit Engagements

An audit is the highest level of assurance that a Chartered Professional Accountant (CPA) can provide on a set of financial statements. During an audit, an independent CPA examines the organization’s financial records, supporting documentation, accounting systems, and internal controls to determine whether the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework (such as ASPE, ASNPO, IFRS, or Public Sector Accounting Standards).

Audits in Canada are conducted in accordance with Canadian Generally Accepted Auditing Standards (CASs). The objective of an audit is to obtain reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. Reasonable assurance is a high level of assurance, but it is not a guarantee that every error or fraud will be detected.

Upon completion of the audit, the CPA issues an Independent Auditor’s Report, expressing an opinion on whether the financial statements present fairly the financial position, results of operations, and cash flows of the organization.

Our audit services include:

• Financial statement audits
• Not-for-profit and charity audits
• Municipal audits
• Compliance and funding agreement audits
• Special purpose audits
• Internal control recommendations
• Financial reporting advisory services