Audit and Assurance

“Lee & Souter has been providing personalized, professional accounting and taxation services to companies and individuals operating within a wide range of industries since 1976.”

Audit, Review and Compilation

Relevant, transparent and independently reviewed financial information is essential in building confidence within your organization and with external stakeholders.  At Lee and Souter, we offer the appropriate level of assurance based on your needs and industry factors.  Our expert professionals can help determine the right level of assurance (audit, review or compilation) that is required for meeting reporting standards and make recommendations for internal controls that are essential for effective operations and protection from mismanagement and fraud.  Through extensive experience in different industries and organizations, we have a strong understanding of business operations, systems and risks.  Every assurance file is prepared by our highly experienced staff and reviewed then signed by a partner, providing organizational trust, transparency and client protection.    


Providing the highest level of assurance, our comprehensive audit procedures follow the practices required by the Chartered Professional Accountants of Canada.   Our process includes targeted testing through the examination of documents including invoices and bank statements, as well as reporting and operational practices to verify the accuracy of financial representation.  The review and analysis of Financial Statements offer benefits to both external and internal parties by building confidence in the accuracy, completeness and compliance of these reports.  Other benefits include:

  • Meeting statutory or contractual requirements
  • High level of financial reliability and integrity
  • Peace of mind for businesses and stakeholders (owners, board members, investors or bankers)
  • Identification and remediation of any technical or operational issues that may lead to business risk

Our proactive approach includes streamlining our efforts and spreading the job throughout the year to balance workload and allow for a smooth audit season, minimizing last minute demands. 


Providing a moderate level of assurance, our review standards include:

  • Analysis of Financial Statements
  • Disclosures and highlighting unusual items
  • Includes a Statement of Cash Flows
  • Discussions with management

The objective is to determine that there is no reason to believe the Financial Statements are not fairly stated and can be used to satisfy lenders and investors.


Providing a minimal level of engagement, Financial Statements are based on internal financial data provided by management and may be used for internal purposes and income tax returns.  This option provides the most cost-effective alternative to an audit.