Start with who needs your financial statements.
Your financial statements may need to serve several people: owners making decisions, a lender reviewing financing or a board carrying out its responsibilities. The right engagement starts with understanding what those readers need.
LLT provides accounting and assurance services for Chilliwack and Fraser Valley businesses and non-profit organizations. Before preparing statements, we discuss your accounting needs and reporting requirements.
Our partners have held leadership roles in Fraser Valley charities and non-profit organizations, bringing that community experience to their accounting and advisory work.
Reporting and advice for your organization
The scope depends on your circumstances and the requirements your financial statements need to address. LLT’s accounting and assurance services include:
Corporate audit & review engagements
Audit and review engagements for private corporations. Discuss the requirements of lenders, shareholders, investors or other financial statement users before choosing the engagement.
Non-profit audit & review engagements
Assurance services for non-profit organizations, with attention to their governance and reporting requirements and the responsibilities of boards, members and other users of the statements.
Special-purpose audits
Audit work for a specific reporting purpose. Bring the relevant request or requirement so the expected information and scope can be discussed clearly.
Unaudited financial statements
Financial statement preparation where an audit or review is not required. Discuss the intended use and any requirements from shareholders, institutions, investors or others.
Accounting procedures & processes
Advice on the procedures behind your financial information. Identify accounting questions and discuss improvements to the way information is organized, prepared and reported.
Practical operational recommendations
Recommendations for improving operational efficiency and effectiveness, informed by your accounting needs and the questions you want your financial information to help answer.
Three questions that clarify the right engagement
You do not need to choose a service from its name alone. Start with the reporting situation you need to address.
Who will use the statements?
Identify the people or organizations relying on the information. Owners, lenders, investors, members and governing bodies may be looking for different things from the same set of financial statements.
What have they requested?
Bring the actual wording of a reporting requirement where possible. Discussing the document is more useful than guessing what a bank, funder or other party means by its request.
What information is available?
Describe your accounting records, current reporting and any changes in the organization. This helps frame a conversation about the work involved and the information needed for the engagement.
Prepare for a focused reporting conversation
These items can help explain your needs. LLT can discuss which additional records are relevant once the engagement scope is understood.
- Any written financial reporting request from a lender, funder, governing body or other party.
- Your most recent financial statements and the reporting period now under discussion.
- A description of your accounting records and how they are maintained.
- Questions about ownership, governance or operational changes that may affect your reporting.
Share the purpose of the report and any timing expectations when you contact us.
Questions about accounting and assurance
How do I know whether my organization needs an audit or review?
Start with the requirements of the people or organizations that will use your financial statements. Lenders, investors, governing bodies or members may have specific expectations. LLT discusses your accounting needs before preparing statements so the engagement can be considered in the context of those requirements.
Can LLT prepare financial statements if an audit or review is not required?
Yes. LLT’s services include unaudited financial statements as required by shareholders, institutions, investors or other users. The important first step is to clarify the intended use of the statements and any external reporting requirements, then discuss the appropriate scope of work.
Does LLT provide assurance services for non-profit organizations?
Yes. LLT provides audit and review engagements for non-profit organizations. These organizations can face particular governance and reporting requirements while working with finite resources. Bring the requirements from your members, governing bodies or other parties so they can be considered in the engagement discussion.
Can we get advice on improving our accounting processes?
Yes. LLT’s accounting and assurance offering includes advice on accounting procedures and processes, along with practical operational recommendations. If the concern extends to workflow, management information systems or internal controls, management consulting may also be relevant. Describe the problem you want to address when you get in touch.
What if a lender has asked for a particular type of report?
Bring the lender’s written request and any related reporting requirements. The exact wording can help distinguish what has been requested from a general need for financial information. LLT can discuss the request, the available records and the accounting or assurance work relevant to the situation.
Let’s clarify the reporting you need.
Tell us about your organization, who will use the financial statements and any requirements you have received. We can discuss the accounting or assurance service relevant to your situation.
