Choosing the right service is just as important as the quality of service. Before we prepare your financial statements, we meet with you to discuss how to best address your accounting needs.
What level of assurance do you need?
Simply put, it will depend on what the users of your financial statements require. Banks, investors, or government agencies may require your organization to have your financial statements audited or reviewed. Audited or reviewed financial may also be beneficial where there are multiple shareholders or investors in a company with varying degrees of involvement in operations or financial knowledge. These engagements give financial statement users a higher level of confidence the financial statements are prepared in accordance with generally accepted accounting principles. If an audit or review engagement is not required, unaudited financial statements may be prepared. The value of your financial statements is to provide you with a greater understanding of your company’s financial health and practical recommendations for improving operations.
What about Not-for-Profit Organizations?
Not-for-profits may be required to have their financial statements audited or reviewed due to government legislation, governing bodies or by their members. Similar to for-profit entities, the purpose of an assurance engagement is to give users of the financial statements a higher level of confidence the financial statements are prepared with general accepted accounting principles.
However, not-for-profits’ focus is often on maximizing resources available, as opposed to producing profit. Additionally, each not-for-profit will faces unique governance and reporting requirements, often with finite resources available to them.
The Partners of LLT have been involved in many leadership roles in many community charities and not-for-profits for several decades in the Fraser Valley. As such, LLT is able to provide experienced professional advisory and accounting expertise to charities and not-for-profits built on our involvement in those
organizations.
Our assurance and accounting services include:
- Audit and review engagements of private corporations
- Audits and review engagements of not-for-profit organizations
- Special purpose audits
- Unaudited financial statements as required by shareholders, institutions, investors, or others
- Advice on improving accounting procedures and processes
- Practical recommendations for improving efficiency and efficacy in operations
