Audit &Assurance
ENSURING ACCURATE FINANCIAL & NON-FINANCIAL INFORMATION
You make decisions every day based on information you’ve gathered about your business. But you can only rely on that information if you’re sure it’s accurate. Audit and attestation services can give you that peace of mind. These services also provide assurance to third parties such as banks and taxpayers on the accuracy of financial data. Businesses including non-profits and local government entities often require these services.The following audit and attestation services are available to help you identify inefficiencies and risks and discover new opportunities to protect assets or improve procedures, policies and profits.
1
Audit
An audit of your financial statements is intended to meet compliance requirements and to provide creditors, investors, federal and state agencies and other outside parties with a high level of comfort about the accuracy of your statements. This service includes a formal audit report that expresses a conclusion as to the accuracy of the financial statements.
An audit isn’t intended to uncover fraud or embezzlement, but it may identify material weaknesses and other control deficiencies and set the stage for discussions, insights, observations and guidance for their resolution.
As auditors, we aim to partner with our clients year-round by:
-
Answering questions and providing guidance throughout the year
-
Streamlining the process with resources and checklists to help you prepare and reduce the time your team needs to devote to an annual audit
2
Review and Compilation
Reviews consist of examining financial statements to determine whether they are consistent with Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standard (IFRS). A review provides lenders and other outside parties with a basic level of assurance about the accuracy of financial statements. Sometimes lenders and other outside parties don’t require a full audit, but they need a compilation report. You’d typically need a compilation report when you’re requesting a relatively low amount of financing or credit or when you have a significant amount of collateral in place.
3
Agreed-Upon Procedures
A full financial statement audit isn’t always required to provide factual reporting without opinions, conclusions or assurances for a specific issue or purpose. In those cases, an AUP will provide you with more flexibility for issues such as effectiveness of a specific internal control, fraud investigations, status of your regulatory reporting and much more.