Accounting, Audit and Assurance

Overview

The core services of any Chartered Accounting firm are its accounting and audit functions. Business owners trust and rely on CAs for a clear snapshot of their company's financial health, and for a true picture of its performance over time.

Peace of mind is the first benefit that flows from the accounting or audit function of a trusted CA firm. However, these services also lead to other tangible results. For example, they can help companies forge strong relationships with lenders. A firm like MRSB Chartered Accountants often assists, advises and accompanies clients who wish to arrange financing. We can also supply clients with excellent contacts in the lending community.

Much of the value in our accounting and audit services lies in the experience we bring to the task. Through our exposure to a variety of companies in different industries, we can pin-point trouble spots or find overlooked strengths in the way you conduct your business. We can spot operational results that are out of line with the industry norm, and help you find out why.

Accounting Services

Our firm assists a wide range of businesses and organizations, from small owner- managed enterprises to complex manufacturing and processing firms, with financial analysis of their operations. We process their daily financial information and/or complete monthly and year-end financial information. At the preference of the client, these services are performed at their location or at our offices at 139 Queen Street, Charlottetown.

Audit and Assurance Services

Credible financial information is fundamental to establishing the confidence of and access to capital markets. An audit underpins credible financial information. This is the value of an audit.

We employ a three-phase approach in conducting audits.

• Phase One, is the preplanning, which involves getting to know your business and then developing a schedule and work plan for the audit process that best fits your business.
• Phase Two involves testing of the accuracy of your systems, and evaluation of internal controls or compliance testing.
• Phase Three concentrates on analytical review procedures of financial statement reports and substantive testing on year-end balances.

We always deliver a final report to your business/organization as soon as possible after year-end, once all external information required for our opinion is received. Our audit approach is highly computer based and follows all Canadian Generally Accepted Auditing Standards.

Compilation of Financial Projections:

Future-oriented financial information (FOFI) can be either a forecast or a projection. Forecasts and projections are compilations of future-oriented financial information based on certain assumptions. Since assumptions are very subjective it is important to choose a business consultant that has, or will obtain, sufficient knowledge of your business. Financial projections are typically done for a one, three or five year period and are most often needed when a business attempts to obtain financing. Financial projections are a standard component of most business plans but they can be done as a stand-alone engagement.

Business Investigations Can take many forms, the most common of which are due diligence and forensic investigations.

Due Diligence - Many problems can arise during the acquisition of a company. Due diligence is a critical and essential tool for the investor. Since sellers tend to publish the good information, the investor needs to know that the information, on which the decision to acquire the business has been based, is accurate and complete. Our job is to help businesses successfully make their way through the due diligence process. As a result of our being an independent investigative body, we can maintain the objectivity required to make the due diligence a complete success.

Forensic Auditing - A business can easily be destroyed due to internal fraud. One individual with access to the company finances can systematically destroy your business in ways that are often difficult to detect. This fraudulent activity can go undetected for years and when finally discovered it may be too late. Our firm can help you avoid these problems prior to their occurrence. As accountants, we utilize accounting, auditing and investigative skills when conducting a fraud investigation. Equally critical is our ability to communicate financial information clearly and concisely in a courtroom setting. Some of the services we provide include Fraud Detection, Expert Witness Testimony, Discovery Assistance, Damage Computation, Claims Analysis, and Determination of Compliance.

Monthly Accounting Services

Timely and accurate financial information is imperative in today's competitive business environment. Many of our clients have taken advantage of the "Monthly Accounting Service" we provide. The range of service varies depending on your specific needs. Please see our bookkeeping section for more information.