{"id":27832,"date":"2023-09-20T16:22:04","date_gmt":"2023-09-20T16:22:04","guid":{"rendered":"https:\/\/avocat-montreal.ca\/?p=27832"},"modified":"2023-11-17T17:04:11","modified_gmt":"2023-11-17T17:04:11","slug":"the-accounting-and-financial-audit-why-and-how","status":"publish","type":"post","link":"https:\/\/avocat-montreal.ca\/en\/business-law\/the-accounting-and-financial-audit-why-and-how\/","title":{"rendered":"The accounting and financial audit: why and how?"},"content":{"rendered":"<h3><span class=\"ez-toc-section\" id=\"What_is_an_accounting_and_financial_audit\"><\/span>What is an accounting and financial audit?<span class=\"ez-toc-section-end\"><\/span><\/h3><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/avocat-montreal.ca\/en\/business-law\/the-accounting-and-financial-audit-why-and-how\/#What_is_an_accounting_and_financial_audit\" >What is an accounting and financial audit?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/avocat-montreal.ca\/en\/business-law\/the-accounting-and-financial-audit-why-and-how\/#The_main_reasons_for_carrying_out_an_audit\" >The main reasons for carrying out an audit<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/avocat-montreal.ca\/en\/business-law\/the-accounting-and-financial-audit-why-and-how\/#Financial_credibility\" >Financial credibility<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/avocat-montreal.ca\/en\/business-law\/the-accounting-and-financial-audit-why-and-how\/#Regulatory_compliance\" >Regulatory compliance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/avocat-montreal.ca\/en\/business-law\/the-accounting-and-financial-audit-why-and-how\/#Operational_improvement\" >Operational improvement<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/avocat-montreal.ca\/en\/business-law\/the-accounting-and-financial-audit-why-and-how\/#How_to_carry_out_an_accounting_and_financial_audit\" >How to carry out an accounting and financial audit<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/avocat-montreal.ca\/en\/business-law\/the-accounting-and-financial-audit-why-and-how\/#Choosing_the_right_auditor\" >Choosing the right auditor<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/avocat-montreal.ca\/en\/business-law\/the-accounting-and-financial-audit-why-and-how\/#Preparing_your_company\" >Preparing your company<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/avocat-montreal.ca\/en\/business-law\/the-accounting-and-financial-audit-why-and-how\/#Legal_implications_of_the_audit\" >Legal implications of the audit<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/avocat-montreal.ca\/en\/business-law\/the-accounting-and-financial-audit-why-and-how\/#Legal_liability\" >Legal liability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/avocat-montreal.ca\/en\/business-law\/the-accounting-and-financial-audit-why-and-how\/#Contracts_and_agreements\" >Contracts and agreements<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/avocat-montreal.ca\/en\/business-law\/the-accounting-and-financial-audit-why-and-how\/#The_Canadian_audit_regulatory_framework\" >The Canadian audit regulatory framework<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/avocat-montreal.ca\/en\/business-law\/the-accounting-and-financial-audit-why-and-how\/#Canada_Business_Corporations_Act_CBCA\" >Canada Business Corporations Act (CBCA)<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/avocat-montreal.ca\/en\/business-law\/the-accounting-and-financial-audit-why-and-how\/#Bank_Act_Canada\" >Bank Act (Canada)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/avocat-montreal.ca\/en\/business-law\/the-accounting-and-financial-audit-why-and-how\/#The_audit_procedure_detailed_steps\" >The audit procedure: detailed steps<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/avocat-montreal.ca\/en\/business-law\/the-accounting-and-financial-audit-why-and-how\/#7_Implications_of_the_audit_for_Montreal_companies\" >7. Implications of the audit for Montreal companies<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>An accounting and financial audit is a methodical, independent examination of a company&#8217;s accounting records, financial statements and underlying procedures. Its purpose is to provide an objective opinion on the reliability and accuracy of the financial information presented.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_main_reasons_for_carrying_out_an_audit\"><\/span>The main reasons for carrying out an audit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Financial_credibility\"><\/span>Financial credibility<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>An audit strengthens a company&#8217;s <strong>financial credibility<\/strong> with stakeholders such as investors, banks and suppliers. A positive audit report can facilitate access to financing and reassure creditors.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Regulatory_compliance\"><\/span>Regulatory compliance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Many jurisdictions, including Canada, require certain companies to carry out an audit to comply with various laws and regulations. This is particularly relevant for listed companies.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Operational_improvement\"><\/span>Operational improvement<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Audits often offer valuable <strong>insights<\/strong> into a company&#8217;s operations, revealing inefficiencies or areas for potential improvement.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_carry_out_an_accounting_and_financial_audit\"><\/span>How to carry out an accounting and financial audit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Choosing_the_right_auditor\"><\/span>Choosing the right auditor<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Choosing a <strong>qualified auditor<\/strong> is crucial. He or she should be independent, have solid experience in your industry and a good reputation in the profession.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Preparing_your_company\"><\/span>Preparing your company<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Preparation is a key step in ensuring a smooth audit process. It usually involves:<\/p>\n<ul>\n<li>Consolidating and organizing financial documents.<\/li>\n<li>Identifying the key people who will interact with the auditor.<\/li>\n<li>Clarifying expectations and deadlines with the auditor.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Legal_implications_of_the_audit\"><\/span>Legal implications of the audit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Legal_liability\"><\/span>Legal liability<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>An audit is not simply a financial formality. It can have major <strong>legal implications<\/strong> for a company. If irregularities or fraud are detected, this could result in criminal or civil penalties for the company or its directors.<\/p>\n<p><em>Under Quebec&#8217;s <strong>Securities Act<\/strong>, a company that publishes inaccurate financial statements could be subject to sanctions or fines.<\/em><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><strong>Disclosure of information<\/strong>: Section 73 of this Act stipulates that all reporting issuers must file annual financial statements. Failure to comply with these disclosure requirements may result in sanctions.<\/li>\n<li><strong>Penalties for inaccurate disclosure<\/strong>: If a company provides misleading information or fails to disclose material information, it could be subject to fines of up to $5 million, as specified in section 202 of the Act.<\/li>\n<li><strong>Directors&#8217; liability<\/strong>: Under section 323, directors and officers of a company may be held personally liable for failure to comply with disclosure obligations, with fines of up to $25,000 and a ban on acting as a director for up to 5 years.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Contracts_and_agreements\"><\/span>Contracts and agreements<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Contracts or financial agreements may require periodic audits to ensure compliance. Failure to comply with these obligations may result in contractual breaches and associated penalties.<\/p>\n<blockquote><p>In the words of our <a href=\"https:\/\/avocat-montreal.ca\/en\/business-lawyers-in-montreal\/\">business lawyer<\/a>: <strong><em>&#8220;<\/em> Accounting and financial<em> audits<\/em> are an essential component of corporate governance. For companies in Montreal and beyond, understanding the importance of auditing and knowing how to prepare for it is crucial to long-term success.&#8221;<\/strong><\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"The_Canadian_audit_regulatory_framework\"><\/span>The Canadian audit regulatory framework<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Canada has a robust regulatory framework governing accounting and financial audits. Several laws and regulations set out audit requirements for various types of business. Let&#8217;s take a closer look at some of these regulations and how they apply.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Canada_Business_Corporations_Act_CBCA\"><\/span>Canada Business Corporations Act (CBCA)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Under<strong>section 171<\/strong> of the <strong>Canada Business Corporations Act (R.S.C. 1985, c. C-44)<\/strong>, every corporation must appoint one or more auditors to audit the company&#8217;s accounts. This ensures that shareholders receive financial statements that accurately reflect the company&#8217;s financial reality.<\/p>\n<p>Example: If a Montreal-based corporation fails to appoint an auditor at its annual meeting, it could be in violation of this law.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Bank_Act_Canada\"><\/span>Bank Act (Canada)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Financial institutions, including banks, also have strict audit requirements. Under<strong>section 308<\/strong> of the <strong>Bank Act (S.C. 1991, c. 46)<\/strong>, every bank must prepare annual financial statements and have them audited by an external auditor.<\/p>\n<p>Case in point: A bank operating in Montreal and other parts of Canada must ensure that its audit is carried out in a timely manner to comply with this law.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_audit_procedure_detailed_steps\"><\/span>The audit procedure: detailed steps<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Planning the audit<\/li>\n<li>The first stage involves identifying key areas of risk and developing a strategy for the audit. This requires a thorough understanding of the company and its operating environment.<\/li>\n<li>Performing the audit<\/li>\n<li>The auditor conducts substantive and control tests. The purpose of these tests is to identify any discrepancies or inconsistencies that might indicate error or fraud.<\/li>\n<li>Reporting results<\/li>\n<li>At the end of the audit process, the auditor formulates an opinion on the financial statements. This opinion is then communicated to management and relevant stakeholders.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"7_Implications_of_the_audit_for_Montreal_companies\"><\/span>7. Implications of the audit for Montreal companies<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Companies based in Montreal, as across Canada, need to understand that auditing is not just a formality. It offers an opportunity to build trust with stakeholders, improve operations and ensure regulatory compliance. With federal and provincial legislation in place, non-compliance is not an option.<\/p>\n<p>So it&#8217;s essential for companies to commit fully to the audit process, cooperate fully with their auditors, and take proactive steps to resolve any issues identified.<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ol>\n<li><a href=\"https:\/\/laws-lois.justice.gc.ca\/fra\/lois\/C-44\/\" target=\"_new\" rel=\"noopener\">Canada Business Corporations Act (R.S.C. 1985, c. C-44)<\/a><\/li>\n<li><a href=\"http:\/\/legisquebec.gouv.qc.ca\/fr\/showdoc\/cs\/V-1.1\" target=\"_new\" rel=\"noopener\">Securities Act (Quebec)<\/a><\/li>\n<li><a href=\"https:\/\/laws-lois.justice.gc.ca\/fra\/lois\/B-1.01\/\" target=\"_new\" rel=\"noopener\">Bank Act (S.C. 1991, c. 46)<\/a><\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<div class=\"\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>What is an accounting and financial audit? An accounting and financial audit is a methodical, independent examination of a company&#8217;s accounting records, financial statements and underlying procedures. Its purpose is to provide an objective opinion on the reliability and accuracy of the financial information presented. The main reasons for carrying out an audit Financial credibility [&hellip;]<\/p>\n","protected":false},"author":53,"featured_media":27666,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_focuskw":"","_yoast_wpseo_title":"","_yoast_wpseo_metadesc":"","footnotes":""},"categories":[2016],"tags":[],"class_list":["post-27832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-law"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The accounting and financial audit: why and how? | AM<\/title>\n<!-- Admin only notice: this page does not show a meta description because it does not have one, either write it for this page specifically or go into the [Yoast SEO - Settings] menu and set up a template. -->\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/avocat-montreal.ca\/en\/business-law\/the-accounting-and-financial-audit-why-and-how\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The accounting and financial audit: why and how? | AM\" \/>\n<meta property=\"og:description\" content=\"What is an accounting and financial audit? An accounting and financial audit is a methodical, independent examination of a company&#8217;s accounting records, financial statements and underlying procedures. Its purpose is to provide an objective opinion on the reliability and accuracy of the financial information presented. 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