Collaborative and Customer-Centered Approach
Most often, an audit is performed because outside third parties (such as lending institutions, investors, and government agencies) require an auditor’s opinion on financial statements. The objective of an audit is to express an opinion about whether the financial statements are fairly presented, in all material respects, in conformity with generally accepted accounting principles (GAAP) or some other financial reporting framework.
An audit is conducted in accordance with Generally Accepted Auditing Standards (GAAS) and includes tests of accounting records and other procedures considered necessary to express such an opinion. In accordance with these standards, we plan and perform the audit to obtain reasonably, but not absolute, assurance about whether the financial statements are free of material misstatement.
What We Do
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. This evidence is obtained through inquiry, physical inspection, observation, third-party confirmation, examination, analytical procedures, and other steps. An audit also includes assessing the accounting principles used and significant estimates made by management and evaluating the overall financial statement presentation. Our audits include obtaining an understanding of the entity and its environment, including internal control. This is used to assess the risk of misstatement of the financial statements and to design the nature, timing, and extent of audit procedures. An audit is not designed to provide assurance on internal control or to identify deficiencies in internal control. However, our efforts during the audit process and related services often serve as an opportunity to provide solutions to our clients that lead to increased profitability and efficiency.
Audits for Non-Profits
Federal funders, state regulatory agencies, and/or foundation prospects may require nonprofit organizations to provide audited financial statements. Make sure your constituents, board members, and others know your financial management is sound.
We can prepare or oversee the preparation of your financial statements. Compiled, reviewed, or audited statements can be provided according to your requirements.
Most importantly, we can help you use these statements, as well as other reports, to better manage your business and increase your profitability and reduce your risk of fraud.