The Kotamarti Group, CPAs, Professional Corporation is authorized to practice public accounting by the Chartered Professional Accountants of Ontario. We perform assurance work with a team of highly qualified and experienced professionals. We use leading industry software and the latest assurance templates provided by the Institute of Chartered Professional Accountants of Ontario.
Our assurance clients include public clients who report under International Financial Reporting Standards, not-for-profit organizations who report under Accounting Standards for Not-for-Profit Organizations and private Canadian clients who report under Accounting Standards for Private Enterprises. We also prepare and provide special reports including Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement (CAS 805), Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks (CAS 800), and Engagements to Report on Summary Financial Statements (CAS 800)
Our audit and review clients span numerous industries such as finance, manufacturing, retail, educational industries, investment fund managers, not-for-profit organizations, mortgage administrators and private career colleges.
The assurance services we provide include:
Financial statement audits exist to add credibility to the implied assertion by an organization's management that its financial statements fairly represent the organization's position and performance.
The objective of an audit engagement is to enable independent public accountants to render an opinion on the fairness of a client’s financial statements. The opinion is given in the form of a standard written report which normally consists of three paragraphs. The first paragraph identifies the financial statements and distinguishes between the responsibilities of management and the auditors; the second describes the scope and level of assurance; the third contains the expression of an opinion.
In addition to fulfilling the required audit procedures, we always seek to help our clients improve their internal control. We achieve this through our ‘3 Step Approach– What, Why, and How’. This approach enables us to identify the problem, why it is a problem, and determine an appropriate resolution while keeping in mind the resources available to our clients.
The objective of a review engagement is to prepare and review financial statements to ascertain whether they are plausible, that is, worthy of belief. If, after reviewing the financial statements, the accountants are satisfied that the financial statements are not misleading, an accountants standard report will preface the financial statements.
Many banks and financial institutions require organizations to have their financial statements reviewed by licensed public accountants like us when applying for a loan or as part of their loan agreements.
Compiled financial statements or Notice to Readers are statements which are prepared by simply compiling the financial records of an organization. No opinion is provided over these statements. Many businesses only need their financial statement presentation to conform to the Canadian Income Tax Act.
The objective of a compilation engagement is to compile unaudited financial information into financial statements, schedule or reports based on information supplied by the client. A Notice to Reader appears on each prefacing the financial information and warns of the limited involvement of the accountants.
We also provide internal audit services. Our professional team is very experienced in internal auditing which involved examining a company’s internal control and processes, testing these controls and processes, identifying weaknesses, and providing recommendations to overcome these weaknesses. Internal audits can provide a lot of value and improve an organization's operations. Contact us to learn more about the internal audit solutions we provide.