Audits
Our audits in accordance with auditing standards generally accepted in the
United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation we conduct.
An Audit 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.
Here's what you get...
You get the highest level of
assurance because we go outside your company to obtain more information.
Typically, we'll 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.
We also perform physical inspections
by observing your inventory counting methods and perform test counts. We
document and test each operating cycle, including sales and cash receipts,
expenses and cash disbursements, and payroll. Our audit papers include a
detailed work program to document the examinations and testing performed,
as well as the client's supporting work papers.
Audits Not Just for Public
Entities
All public companies are required to
have an annual audit, but some nonpublic entities must undergo an annual
audit as well. These include local governments, not-for-profit agencies
and other organizations receiving government grants.
Moreover, some financial
institutions require audits of nonpublic companies based on the financing
amount and/or the bank's assessment of the company's risk. Also, companies
with absentee ownership (such as those owned by investment firms, or
individuals who no longer run the business) may order audits as checks of
their management teams.
