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Specialized Assurance Engagement to Meet Your Specific Compliance Needs
While audits and reviews cover general-purpose financial statements, many businesses require specialized reports for regulators, lenders, or business partners. Faber LLP provides a variety of "Other Assurance Related Engagements" around Western Canada designed to verify specific information, ensuring transparency and trust in your business relationships.
Other Assurance Related Engagement
Beyond the standard audit and review, businesses in Edmonton often face unique reporting requirements. These Engagements are more targeted and flexible according to the client’s needs, focusing on specific financial data, non-financial information, or compliance with particular agreements.
Our team at Faber LLP, provides objective, independent reports to the businesses in Edmonton, that satisfy third-party requirements without the scope of a full financial statement audit.
Our team at Faber LLP, provides objective, independent reports to the businesses in Edmonton, that satisfy third-party requirements without the scope of a full financial statement audit.
Our Specialized Engagements
CSRS 4400
Agreed-Upon Procedures
Tailored testing procedures defined by you. We provide factual findings for specific accounts or data sets.
CSRS 4460
Supplementary Matters
Specialized reporting required by regulators or lenders that arises during your standard audit or review cycles.
Compliance
Agreement Compliance
Independent verification to confirm you are meeting obligations for leases, royalties, or government grant contracts.
CSAE 3416 / SOC
Service Org. Controls
Assurance for SaaS and data providers to prove internal security controls are effective to your clients.
No Assurance
Compilation Engagements
Efficient assembly of your data into professional financial statements for internal use and basic reporting.
Our Assurance Related Specialized Engagements
1. Agreed-Upon Procedures (CSRS 4400)
Under an “Agreed-Upon Procedures” engagement, you and a third party would determine the nature of what we are supposed to test. We, at Faber LLP, perform specific procedures and issue a report of our findings.
- Best for: Verifying inventory counts, accounts receivable balances, or specific transaction sets for a potential buyer or lender.
- Benefit: Highly customizable and cost-effective for targeted verification.
2. Reports on Supplementary Matters (CSRS 4460)
Sometimes, a regulator or lender requires a report on a specific matter that arises during the course of an audit or review. We provide formal reporting on these “supplementary matters” to ensure you remain in compliance with your legal or contractual obligations.
- Best for: Compliance with debt covenants or specific regulatory filings.
3. Compliance with Agreements & Regulations
If your business is party to a contract (like a lease agreement, royalty contract, or government grant) that requires an independent professional to verify that you are meeting your obligations, we provide specialized compliance reporting.
- Best for: Grant reporting, royalty audits, and lease compliance.
4. Reporting on Controls at a Service Organization (CSAE 3416)
In case your company provides services to other businesses (such as payroll or data hosting), your clients may need assurance that your internal controls are secure and effective. We provide SOC (System and Organization Controls) reporting to help you build trust with your customers.
5. Compilation Engagements
For businesses that do not require any level of assurance, we provide compilation engagements. We take your data and assemble it into a professional financial statement format.
- Note: This is a "Related Engagement" where no assurance is provided, ideal for internal use or simple tax filings.
Our Assurance Related Specialized Engagements
1. Agreed-Upon Procedures (CSRS 4400)Â
Under an “Agreed-Upon Procedures” engagement, you and a third party would determine the nature of what we are supposed to test. We, at Faber LLP, perform specific procedures and issue a report of our findings.
- Best for: Verifying inventory counts, accounts receivable balances, or specific transaction sets for a potential buyer or lender.
- Benefit: Highly customizable and cost-effective for targeted verification.
2. Reports on Supplementary Matters (CSRS 4460)Â
Sometimes, a regulator or lender requires a report on a specific matter that arises during the course of an audit or review. We provide formal reporting on these “supplementary matters” to ensure you remain in compliance with your legal or contractual obligations.
- Best for: Compliance with debt covenants or specific regulatory filings.
3. Compliance with Agreements & RegulationsÂ
If your business is party to a contract (like a lease agreement, royalty contract, or government grant) that requires an independent professional to verify that you are meeting your obligations, we provide specialized compliance reporting.
- Best for: Grant reporting, royalty audits, and lease compliance.
4. Reporting on Controls at a Service Organization (CSAE 3416)Â
In case your company provides services to other businesses (such as payroll or data hosting), your clients may need assurance that your internal controls are secure and effective. We provide SOC (System and Organization Controls) reporting to help you build trust with your customers.
5. Compilation Engagements Â
For businesses that do not require any level of assurance, we provide compilation engagements. We take your data and assemble it into a professional financial statement format.
Note: This is a “Related Engagement” where no assurance is provided, ideal for internal use or simple tax filings.
Why Choose Faber LLP for Specialized Assurance Related Reporting?
- Customized Scope: Unlike an audit, which follows a rigid framework, these Engagements are tailored to the exact questions you need answered.
- Third-Party Credibility: Our independent reports provide the "stamp of approval" required by banks, government agencies, and business partners.
- Efficiency: By focusing only on the specific areas required, we provide a faster turnaround and more focused insights than a full-scope engagement.
Not sure which Assurance Related Engagement you need?
The world of assurance standards can be complex, especially in the every evolving businesses of Western Canada. Whether you need to satisfy a bank covenant, verify a royalty payment, or report to a regulator, the team at Faber LLP is here to guide you to the right engagement for your situation.
Summary Comparison Table
To help you choose the right path, here is how these Engagements compare under Canadian Professional Standards:
Engagements Type | Standard Used | Level of Assurance | Common Use Case |
Audit | CAS | Reasonable (High) | Bank loans, Shareholder requirements |
Review | CSRE 2400 | Limited (Moderate) | Medium-sized business monitoring |
Agreed-Upon Procedures | CSRS 4400 | None | Verifying specific inventory or A/R |
Compliance Report | CSAE 3530/31 | Reasonable or Limited | Government grant or lease compliance |
Engagements Org. Controls | CSAE 3416 | Reasonable | SaaS or Payroll provider security |
Key Differences at a Glance
- Audit: Provides Reasonable Assurance (High level).
- Review: Provides Limited Assurance (Moderate level).
- Other Assurance Related Engagement: Provides Findings on specific procedures or compliance with specific rules.
FAQs
1. What is the difference between an "Attestation" and a "Direct" engagement?
Under Canadian standards (CSAE 3000/3001), an Attestation Engagement is where management first provides a statement (assertion) about their compliance or data, and we provide an opinion on that statement. In a Direct Engagement, the practitioner directly evaluates the underlying subject matter (e.g., a specific set of rules) and reports the findings without needing a prior statement from management.
2. How does an "Agreed-Upon Procedures" (AUP) report differ from an Audit?
An audit provides a high level of assurance and an "opinion" that financial statements are fair. An AUP engagement (CSRS 4400) provides no assurance. Instead, we simply perform the specific tests you requested and report the factual results. It is up to the user of the report (such as a lender or partner) to draw their own conclusions from those facts.
3. Does my business need a SOC report (CSAE 3416)?
If you are a Engagements provider (e.g., managing data, payroll, or IT for other companies), your clients’ auditors may require a System and Organization Controls (SOC) report. This proves that you have the internal controls in place to protect their data. Providing this report can give you a competitive advantage by building trust with large enterprise clients.
4. What is a "Report on Supplementary Matters" (CSRS 4460)?
This is a specific Canadian standard used when a third party (like a regulator or a bank) asks for a report on a specific item that isn't the primary focus of your financial statements. For example, a calculation of a specific debt ratio or a statement of insurance coverage.
5. Can these reports be used for tax purposes?
Although the corporate tax filings are prepared as Compilation Engagements (CSRS 4200) included in the category of "Assurance Related Engagements", the majority of the reports under the category of Other Assurance are created to comply with particular contracts, grants, or regulatory agencies instead of the general income tax reporting.
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