- Audits of financial statements of a non-public Companies.
- Audits of financial statements of condominium associations or homeowner associations.
- Audits of not-for-profit associations.
- Performing financial analysis, document assembly and assistance for other auditors to significantly reduce audit fees.
- Outsourced internal audit functions of compliance and operational efficiencies.
- Analysis and review of operational controls.
- Fraud examinations.
- Performing agreed upon procedures for third party lenders in the assessment of loan risk and review of compliance with loan covenants.
- Performing audits of lessees pursuant to percentage rent contract provisions.
- Representing taxpayers in IRS Audits or Examinations.
Frequently Asked Questions Regarding Financial Audits:
What is a financial audit?
A financial audit, or more accurately, an audit of financial statements, is the review of the financial statements of a company or any other legal entity, resulting in the publication of an independent opinion on whether or not those financial statements are relevant, accurate, complete, and fairly presented.
What is the purpose of an audit?
The financial audit is one of many assurance or attestation functions provided by accounting and auditing firms, whereby the firm provides an independent opinion on published information.
The audit is designed to reduce the possibility that a material misstatement is not detected by audit procedures. A misstatement is defined as false or missing information, whether caused by fraud (including deliberate misstatement) or error.
Why is an audit performed?
Financial audits exist to add credibility to the implied assertion by an organization’s management that its financial statements fairly represent the organization’s position and performance to the firms’ stakeholders (interested parties).
Who performs an audit?
Financial audits are typically performed by firms of practicing accountants due to the specialist financial reporting knowledge they require.
Who uses audit information?
The principal stakeholders of a company are typically its shareholders, but other parties such as tax authorities, banks, regulators, suppliers, customers and employees may also have an interest in ensuring that the financial statements are accurate.
When is an audit required?
Audits may be required by regulation or stipulation with agreements of the organization. For example, lenders may require an audit of the financial statements of an organization to help provide assurance as to the assertions of an organization in compliance with loan agreements.
Other organizations may be required to have the financial statements audited in accordance with regulatory provisions. For example, condominium associations may be required to have the financial statements audited pursuant to regulations to help provide oversight control to homeowners.
How much does an audit cost?
This is difficult to say because all organizations requiring an audit are quite different. Factors of consideration are how extensive the audit must be, who are the ultimate users of the audited financial statements, whether an audit has been previously performed and by whom, etc.
How do you get started?
To begin an audit, you will first need to talk with us to make a determination of whether an audit is most applicable or some other financial procedures are needed. Once the determination of which procedures are best is determined, the next step is to review if we have the expertise and availability to help you and that you available have the records and documentation in performing the audit and a projection of the audit fees associated with your audit engagement. The initial consultation in performing these basic procedures is provided at no cost or obligation. Call today!