Executive Directors Series: Overview of an assurance engagement
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1 Executive Directors Series: Overview of an assurance engagement Presented by Richard Games CPA, CA, MPAcc, BCom Bradley Jacoby Games Chartered Professional Accountants The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 1 of 24 Dec
2 Agenda Assurance: difference between an audit and review engagement What is the role of an auditor 2 How can an auditor help your organization What to know about hiring an auditor The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 2 of 24 Dec
3 Richard Games CPA, CA, MPAcc, BCom Bradley Jacoby Games Chartered Professional Accountants Business owner since 1996 Due to the funding requirements of Canadian Television (government and private funders) Hired auditors for my companies Used audits per contracts and as a tool for improvement Due to CRA audits for public funding Public practice accountant and auditor since 2010 The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 3 of 24 Dec
4 Audit vs. review engagement Assurance engagements are regulated in BC, by the province. Licensed designated accountant(s) are governed by CPA BC. Chartered Professional Accountants (CPA), formerly CA or CGA. Review engagement are they believable and plausible? Discussions, inquiries and analytical procedures. Audit extensive documentation of the organization and evaluation of the internal controls to obtain reasonable assurance about whether the financial statements are free from material misstatement. The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 4 of 24 Dec
5 The role of an auditor Our responsibility is to express an opinion on a set of financial statements based on an audit. The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 5 of 24 Dec
6 GAAS We conduct an audit in accordance with Canadian generally accepted auditing standards. The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 6 of 24 Dec
7 The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 7 of 24 Dec
8 The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 8 of 24 Dec
9 Generally accepted auditing standards require that we comply with ethical requirements and plan and perform the audit, The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 9 of 24 Dec
10 to obtain reasonable assurance about whether the financial statements are free from material misstatement. The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 10 of 24 Dec
11 Benefits to stakeholders Independent and unbiased opinion on the state of the finances and internal controls of the organization. Have reasonable assurance that the financial statements are free of material error. Transparency of the organization The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 11 of 24 Dec
12 Materiality The size and type of misstatement (mistake) that would change an opinion of a key stakeholder The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 12 of 24 Dec
13 Example Not for profit annual budget $250,000 Annual deficit of $5,000 Specific program shortfall of $5,000 Someone steals $5,000 The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 13 of 24 Dec
14 Example Not for profit annual budget $500,000 Annual deficit of $5,000 Specific program shortfall of $5,000 Someone steals $5,000 The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 14 of 24 Dec
15 Action Consider stakeholders and communicate with your accountant irrespective of engagement. What areas are important, important to whom, what is a tolerable amount of mistake? The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 15 of 24 Dec
16 what would it take to shut down or cripple the organization? Governance mission creep, no clear leadership, lack of agreement at the Board level Financially cash flow shortage (loss of funding or cash cycle), inability to adjust to cash flow shortage, misappropriation The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 16 of 24 Dec
17 Internal policies (controls) Organization safeguarding the accounting system, overall chain of command, related parties, reporting to the Board, risk of fraud, litigation The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 17 of 24 Dec
18 Internal policies (controls) Revenue, receivables and receipts Grant writing Recognizing revenue Deferred revenue Collecting the accounts receivable Depositing the cash Reconciling receipted donations to donation receipts issued and to the consideration received The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 18 of 24 Dec
19 Internal policies (controls) Purchases, payables, and payments Budget process for purchases Approval of purchases Accounts payable in the correct time period (accrual not cash) Payment of funds for actual purchases The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 19 of 24 Dec
20 Internal policies (controls) Payroll Determining need for staff Hiring competent staff or contractors Paying according the agreement Processing payroll internal or externally Recording accrual at year end for payroll T4 s reconciled to payroll expense The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 20 of 24 Dec
21 Internal policies (controls) Do the policies create efficiency and accountability Are there safeguards in place? Chain of command Segregation of duties? The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 21 of 24 Dec
22 Fraud Auditors assess management s ability to safeguard the assets (internal controls). Consider pressures, opportunities, rationalizations, bias in estimates, unrecorded/fictitious transactions, unauthorized journal entries, theft of assets, improper accounting policies. The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 22 of 24 Dec
23 Hire for an assurance engagement Think of an auditor as your partner What is the goal for the audit? Compliance? Transparency? Consider how to improve the organization first Ask your colleagues who was most helpful? Read the management letter from the auditor. What were the nature of the recommendations for improvements and were they implemented? Is the cost similar to others? Very low, why? Much higher, why? The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 23 of 24 Dec
24 Cost dependant upon cooperation from all stakeholders management/board taking proactive approach to making improvements year to year for past year s identified weaknesses Complexity of organization (decision makers on paper can be different than reality) Complexity of the financial reporting restricted funds, deferred revenue; receipted donations; in kind donations (would they have been purchased anyway); non cash (who did the valuation) The presentation is of a general nature and should not be relied upon for your specific situation. Please seek the advice of your accountant/auditor. Page 24 of 24 Dec
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