Audit Services in Montréal: What an Audit Is, Why It Matters, and How to Prepare

Audits play a critical role in building trust, ensuring compliance, and supporting informed decision-making. For many Montréal businesses, audits are required by lenders, investors, shareholders, or regulators. For others, audits are a strategic choice to strengthen financial reporting and internal controls.

Understanding what an audit involves — and choosing the right audit firm — can make the difference between a stressful obligation and a valuable business tool.

What Is a Financial Statement Audit?

A financial statement audit is an independent examination of a company’s financial statements to determine whether they are presented fairly, in all material respects, in accordance with applicable accounting standards such as ASPE or IFRS.

The purpose of an audit is to provide reasonable assurance that the financial information relied upon by stakeholders is accurate, complete, and free from material misstatement.

Auditors are independent. They do not prepare the financial statements they audit, nor do they make management decisions. Their role is to objectively assess financial information and internal controls and issue an audit opinion.

Why Audits Matter for Montréal Businesses

Audits are not simply a compliance requirement. When properly executed, they deliver measurable value.

Credibility with lenders and investors

Audited financial statements increase confidence for banks, private lenders, and investors, often accelerating financing and approval processes.

Reduced financial and compliance risk

Audits identify weaknesses in controls, documentation, and reporting before they lead to costly errors or disputes.

Stronger internal discipline

Clear processes, defined controls, and consistent reporting improve accountability across the organization.

Better insight for decision-makers

Audits often highlight trends, inefficiencies, and risks that support stronger planning and governance.

Audit vs Review vs Compilation: Choosing the Right Engagement

Not every business requires the same level of assurance. Selecting the appropriate engagement is essential.

Financial Statement Audit

Provides the highest level of assurance. Often required for:

• financing or refinancing

• shareholders or partners

• regulated entities

• year-end reporting

Review Engagement

Provides limited assurance through analytical procedures and inquiries. Suitable for some privately held businesses.

Compilation Engagement

No assurance is provided. Financial information is compiled based on management data.

Choosing the correct engagement depends on stakeholder requirements, risk profile, and business objectives.

How the Audit Process Works

Professional audits follow a structured methodology designed to be thorough and efficient.

1. Planning and risk assessment

Understanding the business, industry, and financial risks.

2. Internal control evaluation

Assessing how transactions are authorized, recorded, and reviewed.

3. Substantive testing

Examining transactions, balances, and supporting documentation.

4. Audit completion and reporting

Evaluating results and issuing the audit opinion.

Clear communication throughout the process minimizes disruption and delays.

Preparing for an Efficient Audit

Preparation significantly affects audit timelines and costs.

Businesses should:

• maintain organized financial records

• document internal processes and approvals

• address known issues early

• assign a clear audit contact

• engage auditors well before deadlines

Preparation is not about perfection — it is about transparency.

Common Audit Questions

How long does an audit take?

Timelines vary based on complexity and preparedness, but early planning significantly reduces delays.

How much does an audit cost?

Costs depend on scope, size, and risk. Choosing the right level of assurance avoids unnecessary expense.

Is a financial statement audit the same as a CRA audit?

No. A financial statement audit is independent and focuses on financial reporting. CRA audits are tax compliance reviews conducted by the tax authority.

What causes audit delays?

Incomplete documentation, unclear processes, and late engagement are the most common causes.

Why Businesses Choose Mackisen

At Mackisen, audits are approached as a disciplined, collaborative process focused on clarity and reliability.

Clients choose Mackisen for:

• experienced CPA auditors

• strong understanding of Québec and Canadian standards

• clear, direct communication

• efficient, well-managed engagements

• independent professional judgment

The objective is not only to meet audit requirements, but to support confidence in financial reporting.

When to Speak With an Auditor

You should consider an audit consultation if:

• your business is approaching year-end

• a lender or investor requires audited statements

• shareholders request assurance

• your company is growing or restructuring

• you want clarity on audit vs review requirements

Early discussions prevent costly surprises.

Audit Services in Montréal – Book a Consultation

If you are searching for audit services in Montréal, Mackisen provides professional audit and review engagements tailored to your business needs.

Primary Call to Action

Request an Audit Consultation

Secondary Call to Action

Speak With a CPA Auditor

Compliance Notice

This content is provided for general information purposes only and does not constitute professional advice. Audit and assurance engagements are performed in accordance with applicable professional standards. Independence requirements apply