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Baker Tilly Audit Engagements

Vancouver-based team of experts helps companies stay on track with financial reporting


BCBusiness Baker Tilly

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Vancouver-based team of experts helps companies stay on track with financial reporting

In Canada, private and public companies and non-profit organizations must adhere to complex and thorough financial reporting and corporate governance requirements. An audit engagement enables a company’s independent professional accountant to issue an opinion on the fairness of the company’s financial statements and “reasonable assurance” that a company’s financial statements are free of material misstatement and comply with Canadian accounting standards.

“To complete an audit, accounting professionals review and evaluate internal controls and source documents and perform other procedures to adhere to accepted Canadian auditing standards,” says Aycha Aziz, Partner, Audit and Accounting, at Baker Tilly WM in Vancouver.

Accounting professionals

As auditors, Baker Tilly serves publicly listed and privately held companies of all sizes from coast to coast. The company’s accountants have the experience and expertise to navigate evolving financial priorities and provide high quality audit and accounting services to address the varied needs of clients across a range of industries.

“We work collaboratively with clients during audit engagements from planning and fieldwork all the way through to completion of engagements,” Aziz says. “This helps the client better understand the process.”

Audit services

Baker Tilly experts provide technical accounting support to ensure companies meet financial reporting requirements, but there is also plenty companies can do to make the audit engagement process go smoothly.

Success begins with being as organized as possible. That means having access to the necessary documents, such as agreements and invoices, third-party source documents, and internal process documentation, such as organizational charts or job descriptions.

“Sometimes clients feel they are ready, but once we provide them with a list of required information it can sometimes take them a lot of time to pull it all together because they didn’t realize just how involved the audit process can be,” Aziz says. “It’s really about getting your house in order and making sure you have all of the required information readily available.”

Meeting the deadline

Failing to be organized can be detrimental to the timeline, which can negatively affect deadlines and increase the stress of completing an audit.

“There can be serious consequences if a company isn’t ready on time or if there are delays in the audit process,” Aziz says. “For example, if a public company doesn’t meet the filing deadline, it can be cease traded.”

The best tip for an efficient and hassle-free audit? Be prepared. “Reaching out well in advance of known deadlines gives us the chance to help you prepare for the audit so you can feel confident going into the process,” Aziz says.

Contact a Baker Tilly advisor or email to learn more.

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Created by BCBusiness in partnership with Baker Tilly