Financial Statement Audits
In an audit of financial statements, we plan and perform the audit to obtain reasonable assurance (which is a high level of assurance) about whether the financial statements are free from material misstatement. We select procedures based on judgment. Such procedures may include inquiry, physical inspection, observation, third-party confirmation, examination, and other procedures. Audits of financial statements are performed in accordance with the AICPA Statements on Auditing Standards — which is referred to as generally accepted auditing standards. An audit can also provide unique insights about business operations, allocation of finances and resources, and assumption of risk. In addition to the benefit of improved efficiency internally, regular audits also can result in more favorable interest rates, better safeguard you from risk and legal liabilities, and allow access to more working capital.
The Audit Process
Planning
Our auditing team will determine the best, most accurate means of collecting qualitative data about your business transactions, in accordance with GAAP regulations.
Setting Internal Controls
The auditors will take a close look at your company's internal controls — the methods put in place to guarantee the integrity of financial and accounting information.
Testing
The auditors will perform a walkthrough to test whether your company's internal controls are functioning as intended.
Reporting
Results of the audit will then be reported to you — unqualified approval, qualified approval (with a disclaimer), or adverse findings.
