A corporate audit and review are important tools that help protect businesses and shareholders from financial risks. By performing regular audits, businesses can identify potential problems early and take corrective action to prevent them from becoming bigger issues. Shareholders also benefit from corporate audit and review, as it helps ensure that the businesses they invest in are operating efficiently and effectively.
Why is Corporate Audit and Review Important?
From a business standpoint, corporate audit and review helps to ensure the accuracy of a company's financial statements. This is important because financial statements are used to make decisions about where to allocate resources, set prices, etc. Inaccurate financial statements could lead to poor decision-making that could ultimately harm the company. For example, if a company overstates its assets, it may choose to invest in new projects that it cannot actually afford.
From a shareholder standpoint, corporate audit and review provides assurance that the businesses they have invested in are being run effectively and efficiently.Shareholders rely on corporate audit and review to ensure that their investments are not being put at risk by fraudulent or misleading practices. For example, if an auditor discovers that a company has been overstating its revenues, the shareholders can take corrective action to protect their investment.
In short, corporate audit and review are important for businesses and shareholders alike. Businesses rely on audits to identify potential problems early so that corrective action can be taken. Shareholders rely on audits to provide assurance that their investments are not being put at risk by fraudulent or misleading practices. Performing regular audits is an essential part of good corporate governance.
How can GTA Accounting Help You With Corporate Audit and Review?
The GTA Accounting team has significant experience in corporate audit and review. Our team of financial professionals can help you understand the requirements of an audit and develop a plan to comply with them. We can also perform the audit itself, or review your financial statements to ensure that they are free from material misstatement.
In addition, we can help you develop and implement internal controls to prevent and detect fraud. We can also assist you in developing policies and procedures to improve your overall financial management.
If you are interested in learning more about our corporate audit and review services, please contact us today. We would be happy to discuss your specific needs and how we can help you achieve your goals.
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Meet Our CPA
Steven Matos is a Chartered Professional Accountant at GTA Accounting, a Toronto-based accounting firm with offices in Toronto, and Mississauga. The firm touts a high 5-star Google rating and has been selected by Clutch for service awards two years in a row.
Because of Steve's business background, he is able to pair bookkeeping and tax services with management consulting providing an edge over other similar accounting firms. Offering affordable rates, GTA Accounting works with small business owners and large companies with over $40 million in annual gross revenue.
Unit 501 – 250 Consumers Road
North York M2J 4V6
Tax & Assurance Partner
Nathan is a Chartered Professional Accountant (CPA) who has extensive experience in public accounting and taxation. His years of experience working with previous companies like Grant Thornton LLP and Deloitte LLP have only served to further validate his extensive knowledge and expertise in corporate taxes. Over the course of his career, his professional work has included auditing and tax planning for large multinational corporations, real estate and construction industries, not-for-profit organizations and small owner-managed businesses.
Nathan was a Senior Accountant at Deloitte LLP where he led large-scale audits of multinational corporations and also acted as a mentor to the firm's junior staff providing guidance and support on complex accounting issues. In addition, Nathan was able to build a strong foundation of communication and interpersonal skills with clients, often being the primary point of contact between the firm and key executives and directors of various corporations Deloitte engaged with. That role gave Nathan the experience he needed to eventually move on from Deloitte and begin to manage the Canadian assurance and tax practice of Edmonds Professional Corporation. We now welcome Nathan as a Partner at our firm, who leads the Canadian Assurance and tax practice.
Frequently Asked Questions
There are a number of firms that specialize in corporate audit and review. Typically, these firms are staffed by accountants and other financial professionals who have experience in auditing businesses. Some of the larger accounting firms have entire divisions dedicated to corporate audit and review.
At GTA Accounting our accountants and our CPA are well-versed with corporate audits and reviews and will help you any way they can.
The frequency of corporate audits depends on a number of factors, including the size and complexity of the business, the nature of its operations, and the level of risk associated with its activities. However, most businesses should undergo an audit at least once a year. In some cases, businesses may be required to undergo more frequent audits if they are publicly traded or subject to government regulation.
A corporate audit typically involves an examination of the company's financial statements and internal controls. The auditor will also assess the risk of material misstatement in the financial statements. In addition, the auditor may also request additional information from management or perform physical inspections of company premises and assets.
The specific procedures used in a corporate audit vary depending on the nature of the business and the auditor's judgment. However, some common procedures include reviewing accounting records, testing internal controls, and interviewing management.
There are a number of benefits associated with corporate audit and review. Perhaps most importantly, audits provide assurance to businesses and shareholders that the financial statements are accurate and free from material misstatement. In addition, audits can identify potential problems early, before they become bigger issues. Shareholders also benefit from corporate audit and review, as it helps ensure that the businesses they invest in are operating efficiently and effectively.
Thus, corporate audit and review are important for businesses and shareholders alike. Businesses rely on audits to identify potential problems early so that corrective action can be taken. Shareholders rely on audits to provide assurance that their investments are not being put at risk by fraudulent or misleading practices. Performing regular audits is an essential part of good corporate governance.