In today’s volatile economic environment, growing your business can be a challenge. That’s why you must be able to rely on your financial statements to make the right decisions when the opportunities arise. As a small or medium sized company you may be required to provide assurance to your lenders, creditors, partners, shareholders, customers and government agencies. At Mackisen, we are experienced in the assurance needs of small and medium sized companies. Our professionals provide you with the full range of audit and accounting services throughout the lifecycle of your business. By providing you with credible figures and financial statements that identify areas for improvement and alert you to concerns, Mackisen will help you confidently move your business forward. Whether you are a family owned or privately owned company we have the right professionals, resources and experience to satisfy all your assurance needs.

At Mackisen, our assurance services are delivered in accordance with a set of well established policies and a quality control system to keep them in check. In this way, we ensure our work meets both professional standards and applicable laws and regulations. Our professionals are knowledgeable, meticulous and receive ongoing training which helps them keep up-to-date with regulatory changes. We provide all of our services in an ethical, independent and objective manner.

AUDIT OF FINANCIAL STATEMENTS

The primary aim of conducting an audit is to increase the level of trust in the financial statements. This goal is accomplished by providing our assessment as to whether the financial statements have been prepared, in all significant aspects, following the relevant financial reporting standards. Audits are typically carried out when external entities (such as regulators, banks, creditors, potential buyers, and external investors) demand an auditor’s evaluation of the financial statements. As external auditors, we provide an opinion as to whether or not the financial statements of your company are presented fairly in all material respects. The audit process is conducted in accordance with Generally Accepted Accounting Principals (GAAP) and includes review of internal controls, tests, and verification of data as well as other activities deemed necessary by the auditor. Our experienced professionals have the skills necessary to provide a precise and detailed analysis.

REVIEW OF FINANCIAL STATEMENTS

A review encompasses a narrower range compared to an audit, resulting in a reduced level of confidence provided. Within the context of a review, our team will evaluate the apparent reasonableness of the reported information, predominantly utilizing inquiries, analytical assessments, and dialogues. Financial statement reviews are frequently undertaken to cater to the needs of banks, creditors, and potential buyers. Since lenders, investors and creditors have different levels of risk tolerance, we offer another level of assurance to meet diverse client needs. As external auditors, we submit your financial statements to a review and provide an opinion on whether the information conveyed through the financial statements is plausible or not. The review process is conducted in accordance with Generally Accepted Accounting Principles (GAAP) and includes enquiry, analytical procedures, discussion and other activities deemed necessary by the auditor.

COMPILATION OF FINANCIAL STATEMENTS

Certain entities find themselves not necessitating financial statements that encompass all the usual disclosures intended for broad utility, nor do they seek the level of confidence achievable through an audit or review. In such scenarios, we engage in the compilation of statements by utilizing data provided by the management or owner. Compiled financial statements are frequently generated to complement an organization’s tax filings.

SPECIAL REPORTS

In situations where an organization seeks verification for data beyond its financial statements, we will carry out specific procedures as agreed and furnish a distinct report. This facilitates recipients in evaluating aspects such as the organization’s adherence to laws, regulations, and contracts. Special reports can also be generated concerning financial statements created outside recognized financial reporting standards, or financial displays aligned with contractual obligations or regulatory prerequisites. At Mackisen we understand that for a small business, an audit or review of financial statements can be expensive and often more than what you require. That`s why our firm offers customized services to meet precisely those auditing and accounting needs that arise in your company. We provide the following special reports on financial information:

1. Accounts receivable
2. Inventory
3. Gross sales figure
4. Common lease expenses
5. Forecasts and projections
6. Compliance with agreements, statutes and regulations

PENSION PLAN AUDIT SERVICES

Our specialized experts in the field of pension management contribute to ensuring the reliability of pension audit procedures.

Frequently, companies turn to their financial statement auditors to also oversee the auditing of their pension plans. While this approach isn’t necessarily incorrect, it might not yield the most streamlined and economical audit process. Our Pension Plan Audit Services, conducted by professionals with specialized experience in the intricacies and challenges of pensions, introduces an elevated level of certainty to the pension audit process.

In many cases, companies choose their general auditors based partially on their familiarity with the industry. However, pension audits demand knowledge in specific focal points and risk areas that general industry specialists might lack. Our Pension Plan Audit Services utilize experts well-versed in pension plans and dedicated managers to ensure that pension audits comprehensively address the complete spectrum of technical and compliance issues related to every aspect of your plan. Our team approaches the task with deep understanding of ongoing and emerging accounting matters unique to pensions, varied provincial regulations, and specialized pension audit risks, thus eliminating the need for additional training costs as part of your audit expenses.

Furthermore, we have nurtured strong collaborative connections with pension plan administrators and custodians within the financial services sector.

It is this distinctive blend of centralization, specialization, targeted expertise, and risk awareness that enables us to continually strive for making our clients’ pension plan audits as straightforward, smooth, efficient, and cost-effective as they can be.

Assurance

a. Advisory for Disruptive Events

Effectively manage any transformative occurrence during your company’s growth phases.

From strategizing and evaluating to implementing and upholding, our proficient groups support clients in adeptly steering through transformative events in their corporate journey. Recognizing that a one-size-fits-all approach isn’t suitable for every enterprise, our methodology sets us apart within the field.

Initiating your company’s public offering can appear to be a daunting endeavor. It involves intricate procedures and stringent regulations. Sound guidance and meticulous preparation can significantly heighten the triumph of your initial public offering and guarantee that the returns justify the exhaustive efforts you’ve invested.

b. Advisory for Accounting & Reporting

Gain heightened confidence in accounting decisions made by financial leaders – proactive, practical, and business-centered insights.

The complexities stemming from regulations, technology, and business dynamics are compelling finance and accounting teams to reassess their accounting policies, procedures, controls, and systems. Do organizations possess a reliable advisor to proactively stay ahead of these challenges?

Staying well-informed about new financial reporting requisites can be demanding, especially for companies lacking internal resources to tackle intricate accounting and disclosure matters. The intricate accounting choices made by organizations can significantly impact stakeholder assessments and the financial stability of the organization.

To amplify assurance in the accounting determinations guided by financial leaders, we offer a pragmatic, business-focused strategy that comprehensively examines the implications for stakeholders and the organization as a whole.

Here are our services:

• Services for adopting new accounting standards
  • Assurance services addressing risks and enhancing reporting capabilities, while ensuring compliance with the new accounting standards.
  • From evaluating operational and financial statement impacts to revising accounting policies, we assist through the implementation journey.
  • Critical support areas include:
    • Assurance for financial instrument accounting (IFRS 9/ASC 326)
    • Assurance for lease accounting (IFRS 16/ASC 842)
    • Assurance for revenue recognition (IFRS 15/ASC 606)
    • Assurance for insurance accounting (IFRS 17)
• Round-the-clock accounting advisory services
  • Assurance services providing access to a wide range of technical experts for resolving intricate US Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) accounting issues. These services are available on an on-call basis, allowing flexibility and scalability. They encompass:
    • Accounting events
    • Strategic transactions
    • Implementation of new accounting standards
    • Financial reporting
• IFRS, PSAS, ASPE, US GAAP reporting & compliance guidance
  • Assurance services that assist businesses in evaluating the effects of adopting new reporting frameworks on their financial statements.
  • Key assistance areas include:
    • Assessment of financial statement impacts
    • Formulation of a methodological framework for transitioning to or from different reporting frameworks
    • Implementation of information systems
  • Technical assurance, remediation, and compliance
    • Assurance services addressing complex accounting concerns, including developing white papers to substantiate accounting policy changes, benchmarking financial reporting against peer groups, and providing opinions on accounting positions.
  • Managed services & talent sourcing for technical accounting
    • Our managed services and sourcing offer the option to supplement short- and long-term financial talent resources within accounting teams, with us acting as a third-party management provider.
  • Environmental, Social, and Governance (ESG) Reporting Advisory
    • Delivering a comprehensive view of corporate performance beyond traditional financial reporting, unlocking the value of sustainability initiatives.
    • Navigating the influence of ESG factors on financial and regulatory reporting.
    • Crafting and circulating strategic stakeholder communications related to ESG.
    • Furnishing assurance on ESG measures and disclosures.
• Initial Public Offering (IPO) services:
  • Assisting businesses through the process of going public (IPO) and accessing capital markets.
  • Going public represents a pivotal milestone for a company, potentially boosting visibility, expanding business avenues, and enhancing the company’s reputation. The effectiveness with which a company addresses the myriad complexities of an IPO can determine the overall success of the offering and the company’s transition into the market. Our IPO Services team is dedicated to assisting pre-IPO companies in meeting these challenges, staying ahead of the curve, and directing their businesses toward success.
• Pre- and post-deal reporting:
  • Aiding businesses in planning and executing intricate transactions such as business sales, spin-offs, or acquisitions.
  • Are you contemplating a business acquisition?
    • You’re in the midst of acquisition negotiations and formulating a business purchase agreement. A multitude of financial reporting and accounting considerations will arise as the transaction progresses, including purchase price accounting, post-deal integration of the acquired business, transaction-related accounting matters, and regulatory filings or additional reporting obligations. Does your team have the necessary resources, experience from similar transactions, and technical expertise to achieve your desired outcomes?
  • Have you decided to divest or sell a division or subsidiary?
    • The decision to divest or sell a division of your company has been made, and you require the preparation of auditable stand-alone financial statements for regulatory submissions or inclusion in sales documentation. Can you create the carve-out financial statements and meet regulatory filing deadlines, or those set by the acquiring entity, without disrupting your business operations?
  • How we can assist:
    • Transactions like spin-offs, division sales, mergers, or acquisitions can be intricate and often subject to specific regulations and reporting requirements. Challenges can emerge at various stages of a transaction’s lifecycle, and your advisors should support you throughout the journey.
    • Our Accounting Advisory Services (AAS) professionals can aid in planning and executing acquisition or divestiture transactions, providing counsel and input on a range of accounting aspects at any or all phases of the transaction process. Our AAS professionals boast extensive experience in both buy-side and sell-side roles across various transactions. Our AAS team collaborates with other Advisory professionals, including M&A Tax, Transaction Services, Integration & Separation, and Valuations, to address your needs as a unified team with shared expertise and effective project management.
• Enhanced quality in closing and reporting:
  • Solutions to refine your accounting and financial reporting procedures.
  • An efficient and effective financial closing and reporting process can mitigate risks, delays, and unproductive efforts:
    • In the current business landscape, companies rely on their accounting and reporting teams to deliver more – to manage risks, uphold compliance, and produce reliable, high-quality data capable of yielding valuable business insights.
  • Our quality close and reporting approach:
    • Our experts in quality close and reporting leverage their technical acumen to improve the efficiency and efficacy of your financial closing and reporting operations. Drawing on deep knowledge and industry insights, we assist in comprehending and evaluating your organization’s processes, determining and prioritizing value-adding initiatives, and finally, designing and implementing solutions.
  • How we can provide assistance:
    • Evaluate the maturity of your financial reporting processes.
    • Mitigate risks, delays, and unproductive efforts within your financial closing processes.
    • Identify, evaluate, and address opportunities for improvement and oversee your opportunity portfolio.
    • Analyze the business rationale for enhancing financial closing and reporting, involving and aligning stakeholders.
    • Implement solutions and support knowledge transfer to sustain these efforts.
    • Engage teams in driving continuous improvement initiatives, utilizing Lean and other leading methodologies.

c. Insurance Solutions & Actuarial Services

Our Actuarial & Insurance Solutions (AIS) division represents a versatile team that primarily serves the insurance and financial services sector. AIS offers comprehensive services encompassing actuarial expertise, risk management, and advanced analytics tailored to the requirements of Life and P&C insurance firms, reinsurance companies, pension plans, captives, and similar entities.

Our division aligns with numerous prominent global organizations. We establish collaborations with clients who acknowledge the persistent challenge of staying abreast of ever-evolving regulatory landscapes, shifting customer and market demands, and emerging technologies – all within the context of their already demanding operations. We aid our clients in evaluating their strategic priorities and subsequently collaborate to enhance endeavors aimed at augmenting economic value, curbing operational expenses, refining processes, and oversight, optimizing capital utilization, and propelling organizational performance.

Illustrative instances of successful results achieved through our projects include:

• Gaining insights into forthcoming claims and their underlying drivers/patterns by constructing predictive models through the application of contemporary machine learning methodologies.
• Slashing quarterly valuation closure durations by revamping antiquated and inefficient actuarial procedures.
• Providing guidance to our clients on formulating strategies for entering new markets and handling regulatory considerations while venturing into the Canadian insurance sector.
• Addressing potential regulatory oversights by leveraging insights and observations from our actuarial audits.
• Overhauling our clients’ actuarial models using cutting-edge modeling techniques and software functionalities, alongside reconfiguring their model governance and policies to align with leading best practices.

d. Advisory for Accounting Operations

Value, precision, promptness, and dependability

The conventional responsibilities of Finance leaders are experiencing disruption, stemming from the escalating expectations set by executive leadership for involvement in value-added strategic business endeavors, along with the influx of transformative technologies. As a result, Finance leaders must evaluate the significance, promptness, and trustworthiness of their teams. Is there a suitable strategic collaborator available to help navigate these challenges while ensuring the ability to meet the ongoing operational demands of the organization?

Vision of Advisory for Accounting Operations:

• To emerge as the strategic partner for Finance leaders, leveraging Assurance’s profound proficiency in accounting to instill confidence in the value, precision, promptness, and reliability of the Controllership function.
• CFOs, VP of Finances, Controllers, and other Finance leaders are entrusted with overseeing most, if not all, of the following elements and their corresponding outcomes:
• Complex accounting
• Adoption of new accounting standards
• Transaction processing
• Procure-to-pay
• Order-to-cash
• Internal controls
• Consolidations
• Adjustments
• Reconciliations
• Reporting

External audits Growing demands, existing inefficiencies, and the influence of technology:

• Finance’s expanding role leads to conflicting priorities, pulling Finance leaders away from controllership duties towards initiatives that necessitate collaboration with the broader organization, such as strategic transactions. Additionally, the prevailing bottlenecks within the Controllership might hinder your ability to focus on value-added tasks demanded by governance stakeholders. Moreover, external factors like technological advancements render existing infrastructure obsolete or inadequate for current needs.
• Accounting Operations Advisory (AOA) services recognize Finance leaders’ requirement for a collaborative partner to assess their workforce, processes, infrastructure, and controls. This collaboration aims to offer practical and pragmatic solutions addressing growing demands, pre-existing inefficiencies, and the ramifications of emerging technologies, all while ensuring the core functions of Finance remain intact.

Here are the services we provide:

• Accounting assessments
  • Services instilling confidence in the present condition of the Finance organization’s people, processes, infrastructure, and controls. Across all segments of Finance, Assurance collaborates to identify gaps and potential strategic prospects for organizations to verify and potentially integrate as part of their Finance strategy.
• Assurance for internal financial controls
  • Services instilling confidence in an organization’s control environment, establishing a framework compliant with financial, operational, and legal requisites. These services might encompass reviewing and revamping controls in a specific business area as a response to control issues. Additionally, aiding in the selection and implementation of IT technology to facilitate controls automation. Furthermore, we can assist organizations in managing third-party risk by addressing regulator and marketplace demands through readiness and attestation services.
• Accounting infrastructure support
  • Services instilling confidence in information technology capabilities, functional and technical systems requirements, and aligning Finance with system capabilities. These services might involve the creation of vendor criteria to expedite the system selection process and guide organizations through vendor selection.
• Controllership applications
  • Services instilling confidence in a Finance team’s utilization of automation, cognitive abilities, and visualization capabilities through the evaluation of existing controllership technology. We offer expertise in the latest accounting technologies that might impact an organization.
• Managed services and talent sourcing
  • Managed services and sourcing empower organizations to augment short- and long-term Finance talent requirements within controllership. Our resources serve as third-party service providers for management.