Independent Audit Services for Canadian Public Companies
JC Professional Corporation provides independent audit and assurance services to Canadian public companies and other reporting issuers.
The financial reporting environment for a public company requires more than technical accounting knowledge. Management, audit committees, boards of directors, investors and regulators rely on timely, transparent and reliable financial reporting.
Our approach combines professional rigor with direct senior-level involvement, responsive communication and an understanding of the financial reporting and regulatory environment in which Canadian public companies operate.
Public Company Audit Services
JC Professional Corporation provides audit and related assurance services designed to address the financial reporting requirements of publicly accountable entities.
Our services include:
- Audits of annual financial statements
- IFRS financial statement audits
- Audit planning and risk assessment
- Communication with audit committees and boards of directors
- Evaluation of significant accounting estimates and judgments
- Coordination with component auditors where applicable
- Review of financial statement presentation and disclosures
- Audit procedures relating to consolidation and multi-entity structures
- Coordination with management, legal counsel and other professional advisers
- Assistance with auditor transition and change-of-auditor requirements
Experience With Publicly Listed Companies
JC Professional Corporation serves as the independent auditor of Pasinex Resources Limited, a Canadian public company listed on the Canadian Securities Exchange under the symbol CSE: PSE.
Our experience includes the audit of consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS) and working with management and audit committees in a public-company reporting environment.
Where an organization has operations or investments in multiple jurisdictions, an audit may also require effective coordination with component auditors and other professionals. Our approach emphasizes clear communication, appropriate oversight and an efficient audit process across the engagement.
Our Audit Approach
Risk-Focused
We begin by developing an understanding of the company, its operations, financial reporting processes and the areas presenting the greatest risk of material misstatement.
This allows audit resources to be directed toward the matters that are most significant to the financial statements and their users.
Senior-Level Involvement
Public-company audits require sound professional judgment and timely communication.
JC Professional Corporation emphasizes direct involvement by experienced professionals throughout the engagement, including communication with senior management and the audit committee.
Clear Communication
Unexpected issues discovered late in an audit can create unnecessary pressure for management, directors and other stakeholders.
We emphasize communication throughout the engagement so that significant accounting, auditing and financial reporting matters can be identified and addressed on a timely basis.
Efficient Execution
An effective audit should be rigorous without creating unnecessary disruption to the client’s operations.
We establish information requirements, responsibilities and timelines early in the engagement and coordinate closely with management to support an efficient audit process.
IFRS Financial Reporting
Canadian publicly accountable enterprises generally prepare their financial statements using International Financial Reporting Standards (IFRS).
Our audit work considers the company’s accounting policies, significant estimates and judgments, financial statement presentation and disclosures within the applicable financial reporting framework.
Areas requiring particular attention may include:
- Business combinations and acquisitions
- Investments and joint arrangements
- Foreign operations and foreign currency matters
- Impairment assessments
- Going-concern considerations
- Related-party transactions
- Share-based compensation
- Complex financial instruments
- Revenue recognition
- Significant estimates and judgments
- Consolidation
- Changes in accounting policies and disclosures
The matters relevant to each engagement depend on the company’s operations, industry, transactions and financial reporting risks.
Audit Committee and Board Communication
The relationship between the external auditor and the audit committee is an important component of effective financial reporting oversight.
Our approach includes timely communication regarding matters such as:
- Audit scope and strategy
- Significant audit risks
- Materiality
- Significant accounting policies
- Significant estimates and management judgments
- Audit findings
- Internal-control matters identified during the audit
- Auditor independence
- Other matters requiring audit committee attention
Our objective is to communicate technical matters clearly so that directors and audit committee members can effectively carry out their oversight responsibilities.
Companies With International Operations
Public companies increasingly operate through subsidiaries, joint ventures, investments and business relationships located outside Canada.
Where an audit involves operations in another jurisdiction, JC Professional Corporation can coordinate with qualified component auditors and other professionals as required by the circumstances of the engagement.
This coordinated approach can be particularly valuable for Canadian issuers with significant international operations.
Changing Auditors
Changing a public company’s auditor requires careful planning and coordination among management, the audit committee, the predecessor auditor and the incoming auditor.
JC Professional Corporation can work with the company and its professional advisers to facilitate an orderly auditor transition, including the professional communications and audit-planning procedures applicable to a new engagement.
An early transition process can help identify significant accounting and audit matters before year-end, and establish realistic reporting timelines.
Why JC Professional Corporation?
Established Professional Practice
JC Professional Corporation has provided accounting, taxation, audit and advisory services for more than three decades.
Licensed Public Accounting Firm
JC Professional Corporation is authorized to practice public accounting by the Chartered Professional Accountants of Ontario (CPA Ontario).
Public Company Audit Experience
Our experience includes acting as independent auditor of a Canadian publicly listed company and auditing consolidated financial statements prepared under IFRS.
Direct Professional Involvement
We believe complex engagements benefit from direct access to experienced professionals who understand the issues and can make timely decisions.
Responsive Service
Public-company reporting involves deadlines and coordination among management, audit committees, legal counsel, regulators and other advisers. We place particular emphasis on accessibility, communication and disciplined engagement management.
Considering a New Auditor?
Whether your organization is preparing to become publicly accountable, considering a change of auditor, or looking for an audit firm that provides greater senior-level involvement, we welcome the opportunity to discuss your requirements.
An initial discussion can help us understand your:
- Corporate and ownership structure
- Stock exchange and reporting status
- Industry and operations
- Financial reporting framework
- Subsidiaries and international operations
- Current reporting timetable
- Audit committee requirements
- Significant transactions or accounting matters
- Expected audit scope and timing
Discuss Your Audit Requirements
Speak directly with JC Professional Corporation about your public-company audit and assurance requirements. Contact us to arrange a confidential initial discussion.
Acceptance of any audit or assurance engagement is subject to JC Professional Corporation’s client acceptance procedures, independence requirements, professional standards and other applicable requirements.
