Assurance Services

Prasad & Company LLP offers a wide range of assurance services for privately-held companies. This includes compilation, review, and audit engagements for corporations, partnerships, and self-employed individuals, as well as FOFI engagements, not-for-profit reporting, and special reporting for financial institutions, lenders, surety, and bonding institutions. Our team of experts provides reliable financial information, which establishes confidence in the strategies and direction business owners create for their corporations.

The firm stays up-to-date with shifting compliance requirements. We also ensure that our work is suited to meet the specific needs of each individual client. Prasad & Company LLP places importance on building a strong relationship with clients, championing strong communication and a clear vision for the future of your company.

Background:

A manufacturing client joined our firm while they were in the process of selling their business.

Strategy & Result:

During the initial consultation, we determined that the company had not applied for the SR&ED Investment Tax Credit in previous years and would likely qualify. We brought in a SR&ED consulting firm to assist in the engineering and scientific aspect of the claim. We prepared the amended tax returns. The SR&ED claim was successful and approximately $2 million cash was injected into the company. The resulting purchase price of the business was increased on a dollar-for-dollar basis.

Background:

Our client started their business in 1989 and has been very successful since its inception. However, the client was unhappy with its financing and business relationship with its bank.

Strategy & Result:

We provided alternative banking arrangements on a term key basis with minimal interference to the client's business.

Background:

Our client needed investment analysis information because the related recovery of funds from various levels of government can maximize revenue.

Strategy & Result:

We provided investment tools and analysis to the client's business and assisted them with enforcing legislative changes.

Background:

Mr. X and Mr. Y have been friends and partners in business and real estate investments. Mr. Y retired years ago, which left Mr. X responsible for business affairs.

Mr. Y continued to own shares in real estate investments with Mr. X. Mr. Y passed away suddenly, which left Mrs. Y to deal with estate matters. She did not want to continue owning his investments with Mr. X.

Strategy & Result:

We successfully divided assets held jointly by Mr. X & Mrs. Y, ensuring that personal objectives on both sides were achieved.

Background:

Our client started to plan a retail business concept in 2001. The retail store officially opened in 2002. After 18 months, the client decided it may be lucrative to sell the business.

Strategy & Result:

We assisted the client in a complete assessment of all of their business issues by preparing startup projections. We assisted in automation, financial management, and shareholder agreements. By developing operating budgets, performance evaluations techniques and models, we assisted our client in developing an appropriate strategy for a successful sale. Our in-depth involvement resulted in the sale of the business for approximately 17 times the original investment.

We are aware that privately-held companies' needs, opportunities, and risks differ from client to client. Therefore, our team of experts deploys customized audit practices and methodologies to help companies elevate financial reporting standards, strengthen internal controls, and foster confidence in the capabilities and strategies of management teams.

What are the advantages of professional assurance services?

Having a team of skilled professionals review your financial statements can provide the following benefits:

  • Promotes the accuracy and credibility of reporting processes
  • Fosters confidence in management decision-making within users of the statements
  • Improves existing business processes and internal controls
  • Facilitates obtaining new financing from lenders
  • Allows clients to receive detailed advice and recommendations during the engagement process with a summary of key findings at the end of the engagement

The firm prides itself on our trusted, long-term client relationships and collaborative approach wherein we work alongside clients at each step to meet their specific needs. Through each client engagement, we strive to provide thought leadership and insights that add value to client businesses while maintaining high levels of transparency and integrity.

FAQs

What is a review engagement?

A review engagement is a service by a professional public accountant that provides a limited degree of assurance that the financial statements issued by a company comply with the requisite financial reporting standard. The primary output of a review engagement is a negative assurance report. In this report, the auditor articulates any concerns that cause them to believe that the financial statements provided do not present an accurate or fair view of the business's financial profile and/or are not complying with financial reporting standards.

What is an audit engagement?

An audit engagement is the most rigorous review of financial statements and accounts that a professional public accountant completes for companies and institutions. The primary goal is to issue an informed, unbiased opinion on the fairness, reliability, and accuracy of financial statements. This opinion of reasonable assurance is then the basis for the decisions of key stakeholders, including investors, governments, and other partners of the business or organization.

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