Assurance at Magnus & Buffie Chartered Accountants

By: Magnus & Buffie  09-12-2011


Audit engagements

We provide audit services to owner-managed business, not-for profit entities and public entities.  Our firm performs a large number of audits for clients in various industries and, as a result, our staff is highly trained in this area.  We invest significant resources in training our staff and streamlining our audit methodology to ensure that our audits are efficient and effective.

Our firm is dedicated to providing quality audit and assurance related services.  As part of that commitment, our firm is a participating member of the Canadian Public Accountability Board (“CPAB”).  Auditors for all public companies and other reporting issuers in Canada must be a participating member in good standing with CPAB.  The mission and responsibility of CPAB is to contribute to public confidence in the integrity of financial reporting of reporting issuers by promoting high quality independent auditing.  It is responsible for developing and implementing an oversight program that includes regular and rigorous inspections of auditors of Canada’s public companies.

As part of the CPAB Oversight Program, the CPAB has been mandated to, among other things:

  • Promote, publicly and proactively, high quality external audits of reporting issuers;
  • Conduct inspections of public accounting firms that audit reporting issuers to ensure compliance with professional standards and participation requirements;
  • Impose, where appropriate, sanctions and restrictions on public accounting firms that audit reporting issuers and, where necessary require remedial action;

In addition to the above, the partners in our firm for publicly accountable enterprises have significant combined experience in this practice area.

Magnus & Buffie is one of only a handful of local firms that continue to be members in good standing with CPAB.

Review engagements

A review engagement provides the users of the financial statements with limited assurance.  Our firm provides these services and assists our clients in preparing financial statements that are in accordance with Generally Accepted Accounting Principles.  Given that the assurance procedures performed in a review engagement are less extensive than an audit, a review engagement is generally less expensive than an audit.

Compilation engagements

For those clients who do not require audited or review engagement financial statements, we also provide compilation (Notice to Reader) services.

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