KNAV provides tailored audit and assurance services, including customized audit procedures, compliance and internal control reviews, revenue/expense verification, and specific contractual audits. Their expertise helps businesses gain targeted insights, ensure regulatory compliance, and verify contractual obligations, enabling improved decision-making, risk mitigation, and operational efficiency across industries and jurisdictions.
Customized Audit Procedures:
KNAV specializes in delivering customized audit procedures designed to meet the specific needs of each client. By focusing on particular areas such as revenue, expenses, or internal controls, KNAV tailors its Agreed-Upon Procedures (AUP) engagements to provide businesses with critical insights without the complexity of a full audit. These engagements allow companies to focus on specific financial or operational areas, helping them to address targeted risks or concerns. KNAV’s approach is flexible, ensuring businesses receive actionable information that aids decision-making, compliance, or identifying inefficiencies.
Compliance and Internal Control Reviews:
Strong compliance and internal controls are crucial for businesses operating in complex, multi-jurisdictional environments. KNAV offers comprehensive compliance and internal control reviews, helping businesses in Canada and globally enhance their internal processes. These reviews focus on identifying areas of non-compliance or control weaknesses that could expose the business to financial or operational risks. KNAV’s team, with its extensive experience across various regulatory environments, provides businesses with practical recommendations for strengthening controls and maintaining compliance, enabling them to operate more effectively and reduce the risk of costly penalties or inefficiencies.
Revenue/Expense Verification:
One of the most critical aspects of financial reporting is ensuring that revenue and expenses are accurately recognized and reported. KNAV offers focused verification procedures that assess the accuracy of revenue recognition and expense claims. These services provide assurance to stakeholders and mitigate the risk of financial misstatements. By verifying these financial elements, businesses can improve their internal reviews and build trust with external parties such as investors, creditors, or auditors. This service is particularly valuable for businesses preparing for funding rounds or undergoing due diligence.
Specific Contractual Audits:
KNAV’s expertise extends to conducting Specific Contractual Audits, which ensure that businesses meet the terms of agreements such as royalty or revenue-sharing contracts. These audits help clients verify compliance with contract obligations while identifying potential areas for improvement. By thoroughly auditing these agreements, KNAV helps clients avoid disputes, ensure proper payments are made, and enhance contract management. This service is particularly beneficial for companies in sectors where complex contractual agreements are common, such as entertainment, technology, and licensing industries.
