Audit of Financial Statements

The objective of an audit of financial statements in accordance with generally accepted auditing standards (GAAS) is to provide a reasonable basis for expressing an opinion regarding the financial statements taken as a whole. An audit requires obtaining an understanding of internal control or assessing control risk and tests of accounting records and of responses to certain other procedures ordinarily performed during an audit.

An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the 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.

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.