Audit

Who Requires an Audit in Alberta?

Audit engagements are typically required by organizations that report to external funders or government agencies — including not-for-profit organizations with government funding agreements, charitable organizations with audit requirements in their bylaws, corporations with institutional financing above lender thresholds, and businesses required to report to a Board of Directors or external investors. If you are unsure whether an audit is required for your organization, our team can review your funding agreements and governing documents to determine the appropriate level of assurance.

What Is An Audit Engagement?

An audit engagement provides the highest level of assurance that your financial statements are free of material misstatements.

In completing an audit engagement, our Chartered Professional Accountants will use various procedures including analytical, inspection, observation, external confirmation, recalculation, and inquiry to complete the audit services. 

Audit engagements provide a higher level of assurance than a review engagement and are a great option for businesses that require external reporting to lenders or government agencies for funding or internal reporting to a Board of Directors.

We also identify any internal control deficiencies in your company and risk mitigation techniques to allow you to improve your financial management.

Contact Nguyen Scott LLP at 780-458-5479 or Get In Touch Here to discuss your audit requirements.