Audit of Financial Statements

Providing Assurance of your Financial Statements

Many businesses, nonprofit and other entities prepare their financial statements in house, but many times there is a requirement to have an independent certified public accountant provide assurance that the financial statements are in accordance with the financial reporting framework. These circumstances could include requirements by lenders, certain trade creditors, outside investors, or family owners not actively involved in the business.

Highest Level of Assurance

An audit is the highest level of assurance that a CPA performs. The CPA performs audit procedures in order to obtain “reasonable assurance” (defined as a high but not absolute level of assurance) about whether the financial statements are free from material misstatement. A CPA must be independent and will issue an audit opinion on whether the financial statements are presented fairly, in all material aspects, in accordance with he applicable financial reporting framework. In addition, the CPA is required to report any significant or material weaknesses in your system of internal controls that are identified as a result of the audit of the financial statements.

When an Audit is Required

As the highest level of assurance, an audit typically is appropriate and often required when you’re seeking complex or high levels of financing and credit. An audit also is appropriate if you’re seeking outside investors or preparing to sell or merge with another business.

An Industry-specific, risk-based approach 

The firm employs an industry-specific, risk-based approach to audit and assurance services, as well as other attestation services. Our approach to providing audit services is to first recognize each client’s unique and specific needs within the scope of an engagement, match those needs with our strongest resources, and deliver quality services in a timely and responsive manner. We utilize the audit, together with our understanding of your industry and familiarity with your business, as a tool for generating insightful and constructive suggestions that can result in improved operations, management information, and operating / accounting procedures and controls. Our audits are planned along with management to avoid “surprises” and ensure critical deadlines are met. Our use of technology, including data extraction software and electronic work papers, allows us to perform an efficient and cost-effective audit.