Business Audit Planning

In today’s fast-evolving business landscape, G.L.H. Accounting stands as a beacon of reliability for corporations, small businesses, and individuals alike. We offer a suite of audit advisory services, including specialized business risk assessment and audit planning, tailored to meet the diverse financial needs of our clients.

Understanding the Importance of
Small Business Audit Planning

Small business audit planning is a critical process that lays the groundwork for an effective and efficient audit. It involves understanding the client’s business, assessing the risks associated with their operations, and designing an audit strategy that aligns with these risks and the company’s specific requirements.

This approach is crucial in today’s complex business environment, where factors such as technological advancements and changing regulations continuously reshape the auditing landscape.

The Canadian Audit Landscape

The Canadian Public Accountability Board (CPAB) emphasizes the importance of high-quality audits to enhance public confidence in financial reporting. In their 2022-2024 strategic plan, they focus on advancing a quality-driven culture, addressing emerging audit challenges, and evolving audit practices to meet changing demands​​. However, a recent report highlighted that overall audit quality in Canada has slightly declined, primarily due to findings in non-annually inspected auditors. This underscores the need for continuous improvement and adaptation in audit practices​​.

Risk Assessment and Audit Planning

Risk assessment and audit planning are at the core of G.L.H. Accounting’s approach. By thoroughly assessing the risks associated with each client’s business activities, we ensure that our audit plans are comprehensive and focused on areas of highest risk. This approach is in line with the practices recommended by leading Canadian authorities like the Office of the Auditor General of Canada, which emphasizes the significance of risk assessment in audit planning.

The Role of Business Continuity Planning

Business continuity planning is a crucial component of comprehensive risk management, particularly within the audit sector. Its role is to ensure the preparedness of organizations for potential operational disruptions, maintaining the continuous delivery of critical functions.

This aspect of planning becomes even more pertinent when considering scenarios like workforce or infrastructure outages, which can significantly impact audit processes.

Small Business Audit: A Specialized Approach

At G.L.H. Accounting, we recognize the unique challenges and needs of small businesses when it comes to auditing. Our approach to small business audits is offering strategies specifically designed for smaller enterprises. This ensures that small businesses benefit from the same level of thoroughness and meticulous attention to detail that larger corporations receive.

We understand that small businesses often operate under different circumstances and may have distinct financial structures compared to larger entities. Therefore, our audit strategies are customized to address these differences, ensuring that every aspect of a small business’s financial operations is carefully examined and understood.

Tax Audit Assistance

Our tax audit assistance services are designed to guide businesses through the complexities of tax audits. We help our clients navigate the intricacies of tax regulations, ensuring compliance and minimizing the risks of non-compliance.

Your Trusted Partner in Business Audit Planning

At G.L.H. Accounting, we pride ourselves on being a trusted partner for businesses. Whether you need comprehensive audit planning, specialized small business audit services, or expert tax audit assistance, our team is equipped to deliver with excellence. Contact us today to experience a partnership that values professionalism, personalized service, and precision in every aspect of business audit planning.