Audit & Review

Do you or other stakeholders want more confidence in the financial and operational health of your business or organization?

Businesses and not for profit organizations all require timely and accurate financial reporting for decision making purposes. Whether you’re a business owner, CEO, CFO, Controller or Board Member, Stern Cohen can provide the guidance and services to assist with your financial reporting requirements. Talk to us for a free cost benefit analysis on whether an audit or review is something you should consider, and when.

This page contains easy to read information that will give you an understanding of the reasons for and the benefits of an audit or review engagement. We’ll also share a few real-world situations in which we’ve helped business owners and include some testimonials for our audit and review services.

Does your Business Really Need an Audit or a Review?

Business owners and organizational leadership may require an audit or review for the following reasons:

  • when planning for a new business venture
  • when seeking financing or when a current lender requires a financial statement
  • for retirement planning or the sale of a business
  • to meet a statutory or contractual requirement
  • to establish monitoring procedures

What are the Benefits of an Audit or Review?

The benefits of an audit or review engagement are different depending on the situation. Here is several common benefits that will give you a good return on your investment for this service:

  • increased financial reliability and integrity
  • the ability to negotiate financing or improved financing terms with lenders
  • peace of mind for business or organization stakeholders (investors, bankers, owners, leadership or boardmembers)
  • higher business sale value (if you are intending to sell your business)
  • improved operational efficiency
  • improved shareholder relations
  • assessment of staff / employees so that training can be provided if needed
  • opportunities for cost savings

Stern Cohen Expertise

We can help determine which type of assurance engagement (audit or review) is required or beneficial and also assist with the establishment of internal accounting controls. Controls will help achieve operational effectiveness and safeguard against financial mismanagement and misappropriation of funds (or fraud).

Our audit and review procedures follow the protocols and practices required by Chartered Professional Accountants in Canada.  Our goal is to proactively identify, communicate and resolve any technical or operational issues that might lead to or may be causing business risks and failures. Rest assured, our people are up to the task.

Clients who have switched from other firms routinely tell us that our team members demonstrate a strong understanding of business risks, processes, systems and operations; not to mention, as public accountants, our wide familiarity with a range of business and organizational types and industries. Plus our clients appreciate our helpful and open style of communication.

Take our Quiz (to help determine if a Review or Audit is right for your business)

Click here for Stern Cohen’s quick and easy “Assurance Selector” Quiz. It’s a simple multiple choice questionnaire that will help you decide which level of assurance your financial statements might require.

Need More Background Info?

In our resources section, you’ll find a detailed article called “Financial Statements and Assurance” that looks at the key differences between an Audit, Review and a Notice to Reader financial statement engagement as performed by a Chartered Professional Accountant (CPA).

Testimonials for Stern Cohen’s Audit Work

Click through to our “Testimonials” page to see some of our clients and to read many positive reviews of our services.

Audit and Review Services in Ontario

If you’d like to find out more about having your financial statements audited or reviewed – and whether they might benefit your organization, please contact us for a free consultation.

Real Life Case Study of a Review Engagement:

“Business Owner Seeks Financing”

Problem: A business owner wanted increased financing from their bank, but their banker was not confident in the privately-held company’s financial statements and reporting.

What happened next: The banker referred the business owner to Stern Cohen Accountants. First, Stern Cohen provided the business owner with a free consultation. This meeting and the subsequent analysis of their current financials resulted in our recommendation that the business change bookkeepers and have Stern Cohen perform a review of their current year’s financial statements (as soon as the bookkeeping was cleaned up).

Outcome: The reviewed financial statements and our helpful management letter provided enough evidence for the bank to have greater confidence in the business’s operations and financial standing. Subsequently, the bank agreed to provide increased financing that was negotiated on improved terms for the business owner. In addition, the business’s other shareholders were thrilled with the new level of confidence they had in the owner and staff who managed the business. Finally, our detailed management letter also provided a number of helpful recommendations for even greater operational effectiveness and long term financial success.

Stern Cohen provides the Ontario Milk Transport Association

with audit and consulting services – and has done so for more than 30 years. Over and above our annual audit requirements, we turn to Stern Cohen for guidance and support in negotiating the transportation rate formula with the Dairy Farmers of Ontario, for business and organizational advisory, and human resource consulting. We highly recommend the team at Stern Cohen to other associations and to those in the transportation industry who are looking for great value from their accounting firm.

Tim Holmes BA, MBA, General Manager Ontario Milk Transport Association
View of Toronto from Toronto Island

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Contact us for a free consultation to determine which type of assurance engagement (audit or review) is required or beneficial for your business or organization.

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