Audit – Highest Level of Assurance
Audits are not just for public entities. Some financial institutions may require audits of nonpublic companies in order to evaluate client and partner company’s risk or even simply as a check of their management teams.
An audit is a methodical review and objective examination of the financial statements that provides the highest level of assurance for your business. Our work includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings and the verification of specific information as determined by the auditor, we issue a report on whether the financial statements are fairly stated and free of material misstatements.
An audit also allows you to:
- Satisfy stakeholders such as employees, customers, suppliers and pressure groups, as well as the investing community, as to the credibility of published information.
- Facilitate the payment of corporate tax, goods and services tax, and other taxes on-time and accurately, thereby avoiding interest, penalties, and investigations.
- Comply with banking covenants.
- Help deter and detect material fraud and error.
- Facilitate the purchase and sale of businesses.
- Perform physical inspections by observing your inventory and counting methods.
- Test your operating cycle, including sales and cash receipts, expenses and cash disbursements, and payroll.
In an audit, we will have written communication with:
- Your customers, to check outstanding receivable balances,
- Your banks, to confirm cash or debt balances and terms,
- Your vendors, to verify outstanding payable balances, and
- Your attorneys, for information on pending or threatened legal action.