At Michael Waldkirch & Company Inc., we provide accounting services in four different types of engagements: audit, review, compilation and bookkeeping:
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.
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 (Notice to Reader):
Small owner managed business normally have no need for expensive audits or reviews. Compilations are acceptable when third party stakeholders have limited or no involvement nor the need for complex reporting and presentation standards. All that such businesses 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.
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:
- Preparation of interim financial statements on a monthly or quarterly basis
- Review and/or preparation of chart of accounts
- Preparation of GST/HST, PST, and WCB returns
- Preparation of payroll remittances
- Processing accounts payable and accounts receivable
- Recording and posting general ledger transactions
- Preparation of T4s and T5s
- Assisting in software conversions