Accounting & Assurance
Accounting Services
Our firm provides a full range of cost-efficient accounting services such as:
- Bookkeeping (Monthly/Quarterly/Annual)
- General ledger & financial statement preparation
- Accounting system set-ups for new/existing businesses (Support for numerous accounting software programs including: AccPac, Simply Accounting/Sage, Account Edge, Quickbooks, Quicken, and Money Works
- Financial forecasts and projections
- Compilation of financial statements
Assurance & Financial Reporting
Companies often seek services to ensure that their financial statements are prepared in accordance with the applicable reporting frameworks. At Kriens~LaRose, we have qualified individuals available to provide strategic and timely advice in this regard. In particular, we have developed a niche specializing in appropriate financial reporting for NPO’s (not-for-profit organizations) under ASPE and ASNFPO.
Assurance & Financial Statement Engagements
Due to the myriad of different business structures and types, there are various types of financial statement engagements that we perform for our clients including:
- Compilation Engagements
This type of engagement represents the most basic and simplistic form of service that accountants provide their clients regarding their financial statements. It is important to note that no assurance is provided with respect to whether or not the financial statements are materially misstated. Essentially, the financial information provided by the client is compiled and presented in a financial statement format. The financial statements do not need to be prepared according to an underlying framework in a compilation engagement. These are largely compiled for tax reporting only.
- Review Engagements
Reviews require us as professionals to perform very limited procedures (consisting of discussion and inquiry of management and others charged with governance and analytical procedures) to assess whether the financial statements are not in accordance with generally accepted accounting principles. This type of engagement lies in between the services offered of a compilation and an audit, providing limited (negative) assurance regarding the plausibility of the items in the financial statements.
- Audit Engagements
Audit engagements provide the highest level of assurance in regard to an organization’s financial statements. In addition to the procedures listed and performed for reviews, we perform other procedures such as internal control review and testing; substantive verification procedures, re-performance techniques, recalculation and verification to obtain reasonable assurance that the financial statements are devoid of material misstatements.
- Special Assurance Services
In unique circumstances, governmental authorities (i.e. Canada Revenue Agency), banks, lenders, members of the board of directors, and others often insist upon alternative assurance reports/services being completed. The assurance team at Kriens~LaRose possesses ample experience in expertly completing these special engagements. Special assurance services include special purpose audits (i.e. audit reports on compliance with agreements and regulations) and special purpose reviews.