Appoint new auditors for your company, or remove your existing auditors from office, with these ready-to-use Auditor Forms.
What is an auditor?
An auditor is a public officer charged by law with the duty of auditing and verifying the expenditure of public funds, or an accountant who performs a similar function for private parties.
What is an audit?
An audit is an unbiased examination and evaluation of the financial statements of an organization, typically performed by an outside accountant or accounting firm. The term "audit" also means an examination of a taxpayer's return or other transactions by the federal taxing authority.
Do I have to have my company's books audited each year?
In Canada, the United States and the UK, there are exemptions that exempt many private limited companies from having to have their annual financial statements audited. However, if the number of shareholders exceeds a certain number or if the company's revenues are above a certain threshold, the company may be required to produce audited financials. If the shares are traded publicly, an audit is required.
Each year, Canadian lawyers receive requests from the auditors of their corporate clients to provide information before they can audit the company's financial statements. This Audit Confirmation Letter covers all of the information generally requested by the auditors:
confirmation that the law firm is the solicitor of record for the corporation,
details of any claims against the corporation which the lawyers have been retained to handle,
any outstanding accounts owed by the company to the law firm,
any amounts held in trust on behalf of the company.
The Canada Audit Confirmation Letter is in accordance with the Joint Policy Statement of the Canadian Bar Association and the CICA Auditing Standards Committee. Download the customizable template today.
Before your corporation's auditors can prepare your financial statements, they require the corporation to make certain representations and acknowledgements with respect to the financial records. This downloadable template for Canada includes:
An acknowledgement by the corporate client that they are responsible for implementing and following a system of accounting controls that reduces the possibility of fraud, errors and irregularities.
A representation that the financial statements present fairly the company's financial position in accordance with Canadian generally accepted accounting principles (GAPP).
A representation that the company has provided the auditors with all the relevant financial and corporate information.
A representation that there have been no irregularities which might adversely affect the financials, and that the company has not violated any laws or regulations requiring disclosure in the financials.
Representations regarding the corporation's assets and liabilities.
You can tailor this 3-page template for your company's specific and unique needs, and use it from year to year - no additional fees! Download yours now.