Today’s financial and capital markets are more volatile than ever before. Whether your business is public or private, or is a not-for-profit organization, reliable and credible financial information is crucial to meeting the needs of your internal and external stakeholders. At Fernandez Young, we take the time to build quality relationships with our clients and partners without jeopardizing the professional independence requirements. You can expect quality in a variety of services:
Audit & Financial Reporting
We take pride in our international audit methodologies, which we have been refined over the years. These methodologies, led by our Audit Team, provides you with an independent audit focused on risks that may have material impact on your financial statements and on efficiencies during the engagement. Having a global infrastructure allows us to work collaboratively with our network of firms to address your needs no matter where in the world you operate. Our senior professionals are frequently on-site, facilitating an ongoing exchange of views; this way, we can build a stronger relationship with your team and identify emerging issues early in the process. We can also bring valuable industry experience to your organization, which can help you identify audit issues specific to your sector.
While our audit approach brings together a global methodology, industry-leading technology, and extensive knowledge, our audit opinion is also the result of a powerful combination of professional integrity, independence, and ethical behavior, underpinned by rigorous quality control procedures.
The result? We work with you to provide an independent and incisive audit opinion attesting to the fair presentation of your financial statements.
Whether you are a member of the investing public or a Canadian business, you’ve placed your trust in us. You can be assured that Fernandez Young professionals apply the highest standards of professional integrity, objectivity, independence and technical excellence to all our activities. Through careful deliberations and the involvement of people with the appropriate technical knowledge, skills, and experience — uniquely supported by our audit approach — we get to the right answer: the answer that will stand up to scrutiny.
Review of Financial Statements
At times, financial institutions and creditors may require, as part of the covenants, a review engagement report, which is a lower level of assurance than an Audit, from clients borrowing money. This report confirms reliance of the financial information on the client’s business. While an audit is meant to give some assurance that the financial statements are free of material misstatements, a review engagement is only meant to ascertain whether or not the financial statements are believable or plausible.
A review provides limited assurance that the financial statements conform to certain accounting standards (IFRS, ASPE or NFP’s). This type of assurance is known as negative assurance. This means that the professional accountant is only providing assurance that nothing has come to their attention that would indicate the financial information is not presented in accordance with those Canadian accounting standards, as opposed to an Audit Report that enables the auditor to provide a positive assurance.
Our process consists of a financial enquiry, application of analytical procedures, and discussions with our client’s management. This approach comprehensively pursues financial statements and even provides a thorough review report validating the content recorded in the client’s financial Statements.
Forensic Accounting and Litigation Support
Fernandez Young’s team of forensic and dispute professionals identify and deal with a wide range of business disputes and irregularities, and deliver clear, logical analyses, opinions and reports. We apply a variety of quantitative and qualitative techniques to isolate and analyze alleged damages resulting from business interruption, breach of contract, negligence, breach of duty, and similar circumstances. We quantify real or potential losses, minimize fraud, and bring about a timely resolution to commercial disputes and financial litigation.
1030 West Georgia Street
Vancouver, BC V6E 2Y3
© 2020 Fernandez Young LLP. All rights reserved.