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Financial Statement Audit
Financial Report Audit
Various Types of Auditing Services
Experience and Flat Fee equals Very Competitive Pricing!!!
Auditors available fromWest Palm Beach to Miami Florida
Fees
Since we focus on financial statement audit, we have experieince and expertise to assess a potential audit engagement and provide a flat fee for the audit of financial statements at a very competitive fee which makes us different from the typical CPA firm. We maintain a state-of-the-art audit scheduling system that allows us to keep all parities notified on the status of the audit and meet established deadlines. Please don't hesitate to call today for a quote over the phone.
Audit CPA - Financial Report Audit - Financial Statements Audits
An Audit CPA has experience auditing companies and meets the credentials required by the board of accountancy. We have extensive experience auditing companies and auditing financial statements or (audit of financial statements) for various types of entities and industries including but not limited to: car dealerships, not-for-profits, condominium associations, homeowner associations, retail, and manufacturers. Our clienete include small private companies to well known organizations.
A financial statement audit provides the highest level of assurance. An audit of financial statements is a methodical review and objective examination of the financial statements (i.e. auditing financial statements), including the verification of specific information as determined by the auditor or as established by general practice.
Our work includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements.
Auditing services (including financial statement audits) 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.
Financial Statement Audit are 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 or required by state statue.
Moreover, some financial institutions require auditing companies that are private 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 financial statements audits or financial report audit as checks of their management teams.
Various Types of Auditing Services
Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company.
Your stockholders, creditors, or private investors have different levels of risk tolerance, so we provide three levels of assurance to meet your needs.
Audits have the highest assurance. See above for additional information. The other auditing services are Reviews and Compilations. See below for additional information.
Review - Limited Assurance
Less extensive than an audit of financial statements, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company's management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.
A review doesn't require us to study and evaluate your company's internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: "We are not aware of any material modifications" for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures.
Why might a business request a review engagement? It can be a good middle ground, providing the advantages of a audit CPA's technical expertise without the work and expense of an audit.
Compilation - Lowest Level of Assurance
In compiling financial statements for a client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements. Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.
Banks often require compilations from an independent CPA as part of their lending covenants.
Which Report Should You Use?
Each type of financial statement report may suit specific circumstances, depending on requirements from your client's bank or other parties, as well as meet budgetary needs.
Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you.
