As part of our professional practice, we conduct the following audit, review and compilation engagements.
An audit engagement consists in providing a high, though not absolute, level of assurance by applying procedures that, in our professional opinion, reduce the risk of an inappropriate conclusion to a low level. These procedures include inspection, observation, information gathering, confirmation, recalculation, reperformance and analytical procedures.
A review engagement consists in providing a moderate level of assurance by designing procedures that, in our professional opinion, reduce the risk of an inappropriate conclusion to a moderate level. These procedures are normally limited to information gathering, analytical procedures and discussion. The risk is reduced to a moderate level when the supporting information gathered makes it possible to conclude that the amounts within the financial statements are plausible.
A compilation engagement involves the preparation of financial statements by a Chartered Professional Accountant (CPA) using information provided by the client. The CPA ensures the mathematical accuracy of the aggregate data. Unlike an audit or review in which the CPA does sufficient work to produce a statement of assurance regarding the financial statements, a compilation engagement does not provide such assurance.