EPR Canada Member Firms offer a broad base of audit experience with both public and private companies in the manufacturing, retail, technology, and natural resource sectors, as well as not-for-profit organizations, educational institutions, and other public-sector agencies.

While all EPR Audits reflect the standards established by the recognized standards setting agencies, and supported by Canada’s professional accounting bodies (CGA, CA, CMA), EPR Member Firms use specifically designed audit programs and procedures that often exceed national requirements. Member Firms use the audit opportunity to make recommendations to clients for enhanced productivity, increased profitability and overall performance enhancement.

Generally Accepted Accounting and Auditing Standards require that the auditor review the client’s accounting systems, internal controls and relevant financial data, in order to be able to express an opinion on the annual financial statements. The more reliable the system, the less testing is required.

Auditors are responsible for providing assurance – the probability that something is not materially incorrect – to those who rely on financial statements. To achieve this, EPR professionals apply and follow a risk-based approach to the audit function, utilizing internal and external sources to confirm and compare financial information. Fieldwork and site visits are coordinated with clients in order to minimize disruption and down-time for staff. This also permits the audit team to identify and assist with problems and productivity issues while the audit is in progress. External verification helps to strengthen the auditor’s Report.

Although Audits are not designed to detect fraud or errors, irregularities can sometimes be discovered. In the case of small and medium-sized businesses it is generally accepted that the audit risk is higher than that of large organizations because there is often a concentration of ownership, high variance in the method of record-keeping, limited internal controls, and potential for management override. EPR audit teams are skilled at identifying relevant issues and making full recommendations for improving or modifying reporting procedures, accounting systems or other related controls.

On completion of the Audit the required report is prepared, together with an objective management letter aimed at assisting clients make strategic business decisions for the future.