Audit mandate

An audit allows for the inspection, observation, analysis and corroboration of a company’s accounts. It also enables the understanding of internal controls in place and to make recommendations in an effort to increase a company’s productivity and to improve the latter’s management and review.

An audit mandate allows for opinions to be put forth on financial statements in accordance with the accounting standards for private enterprises in Canada. It ensures the credibility of financial information among shareholders, lenders and other stakeholders, which can then foster, if applicable, any development or acquisition project.

Review engagement

A review engagement is an attestation report of the information and analyses provided by the company to the public accountant and through discussions. The objective of a review mandate is to prepare financial statements that are plausible regarding the actual financial situation of the company. It allows the latter to present credible financial results to a third party who does not require an audited report.

A review mandate does not allow for the expression of opinions on the financial statements nor does it allow for the evaluation of the internal controls in place.

Compilation engagement (notice to reader)

A notice to reader is a non-certified report, which consists of a compilation of data and information provided by the management of a company without a review or audit. It is used for specific purposes.