External Audit

Our firm follows audit guidelines prescribed by CPA Canada on all our audit engagements. The audit objective is to obtain sufficient evidence to provide us with assurance that the financial statements are free from material misstatement. Our audit approach is designed to enable us to obtain this assurance as efficiently as possible.

The audit strategy we use includes the development of client specific audit programs. First, we clearly agree the terms of our engagement and gather information so that we may understand your business and your accounting system including detailed system documentation, risk assessment and walkthroughs of the key systems, with testing of key controls. We then plan and carry out our audit steps to substantiate the amounts and results in your annual financial statements. We then evaluate the overall results of our audit procedures, perform final analytical reviews, and issue our audit report and management letter.

We make extensive use of computers in our audit planning, member confirmation process, testing, working paper and financial statement preparation. This improves our cost effectiveness for you in addition to saving you time.

UNDERSTANDING YOUR NEEDS

Audited financial statements are a statutory requirement for your credit union. A credit union is quite different from typical “for-profit” organizations and you require that the auditor has a detailed understanding of the credit union industry.
Communication of the results and findings of the audit of the financial statements is of great importance to the credit union. The external auditor should have various meetings with management, the audit committee and the board of directors.

MEETING YOUR NEEDS

Provide you with timely year end audited financial statements, management letter, audit findings letter, corporate income tax return, and AIR Accountant’s report.
Work with you to keep audit costs to a minimum and to ensure all additional services provided maintain an appropriate cost benefit relationship.
Maintain staff continuity at all levels of the engagement as much as possible.
Be responsive to your questions and any need for on-going support.