AccountingNotes - 8 Judges normally expect GAAP to be...

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ACCOUNTING NOTES 1. Does Canadian GAAP apply? 2. Must the financials be audited? 3. If you recommend an audit, who will pay? 4. Do the existing financials require adjustment? Always necessary if the company is owner-managed. If so, prepare revised financials. 5. Cases often have an audit component. 6. What is normally not required: - Traditional financial statements - Tax, beyond a basic corporate or personal rate 7. What is often required: - Advise a shareholder or board - Frequently a cash flow statement (often for 5 years)
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Unformatted text preview: 8. Judges normally expect GAAP to be followed. 9. The “required” is often given. If so, follow it. 10. An exhibit which summarizes the initial audit procedures will save time in the body of the report. 11. “Risk” is critical in all audits, but is especially so with a first audit. Much of the discussion should be on the types of risks potentially posed by the new audit client....
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