Compilation Engagement

As a business owner there are a number of tax compliance filings that are required by the Canada Revenue Agency (CRA). Sometimes it can be hard to know where to start and understand what is required. At Sangha Tone CPA’s we are trained to provide that support to you to file your annual income tax return, GST return, payroll remittances and Tslip summaries (T4, T5, etc). To do this you will need a set of financial statements (Notice to Reader) to summarize your fiscal year financial results. The figures are based on information provided by management, without review or audit and are not ensured to be in accordance with Canadian accounting standards for private enterprises (ASPE). From there we will assist you in your tax filings and be the liaison for you with CRA. We will provide you with the overall view of your financials so you can make the best possible decisions for your business.

Review Engagement

This financial statement service provides assurance that your statements are presented in accordance with Canadian accounting standards for private enterprises (ASPE). The reason a business owner will upgrade from a compilation engagement to a review engagement is the detailed analysis and better understanding of margins and where cash demands are in addition to having reconciliations done. Other times a bank, investor or potential buyer may require this higher level of assurance to have more comfort over the accuracy of the figures presented which is obtained through our inquiry, analytical procedures and discussion related to the financial information provided to us.

At Sangha Tone CPA’s we have experienced professional accountants to provide this service. Our team will provide analysis of your financial statements and engage you in discussions on how to improve profitability and efficiency in your business; ensuring we work together to move your business forward successfully.

Audit Engagement

This financial statement service provides the highest level of assurance and ensure that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. In addition the financial statements are presented in accordance with Canadian accounting standards for private enterprises (ASPE).

This service may be required if you have a bank covenant requiring an audit, are going to sell your company, are a non-profit organization or are a director of the company that wants to be released from their responsibilities. At Sangha Tone CPA’s we will work with you to review, analyze and verify your financial information based on our audit procedures developed by our experience and judgment, assessment of risk and consideration of the company’s internal controls. In addition we review the company’s appropriateness of accounting policies and reasonable of accounting estimates made by management. We discuss with you your company’s activities and operations providing valuable advice on how to improved internal controls and operations.