Audit & Assurance
How is your financial health? As important as going to the doctor is to ensure your physical health, assurance provides insight into the financial health of your business. While performing assurance we provide value added feedback to guide the business in areas needing attention and aiding your business with best outcomes.
Assurance Solutions Include:
- Audited and reviewed financial statements
- Employee benefit plan audit services
- Compiled financial statements
- Agreed upon procedures
- New accounting standard implementation
Reason to Conduct Assurance Work
The requirements for assurance stems from various resources such as:
- Regulatory requirements
- Bonding agreements
- Debt obligations
- Directives from a Company’s governing body
Money management can make or break a business. While errors may not be intentional, they can have significant consequences. Audits assess financial risks, evaluate statements, and analyze your business’s growth and reputation. Since financial auditors are independent and have no stake in your company, you can trust their unbiased appraisal, which identifies inconsistencies, risks, and opportunities for improvement.
By having regular financial audits performed by an independent third party, such as a certified public accountant at A+P you can be confident that your numbers are accurate and your processes are efficient.
What Does a Financial Statement Audit Consist Of?
While financial statement audits may seem daunting, they are quite different from tax audits and do not necessarily indicate financial trouble. A financial statement audit involves a thorough examination of your financial statements and accounts to ensure accuracy and completeness. Despite your team’s best efforts, discrepancies can still occur. Engaging external auditors provides fresh perspectives on your data, helping to identify any issues and promote transparency. Regular financial audits support better decision-making and enhance internal controls within your organization.
During a financial statement audit, we’ll thoroughly examine details of your financial statements and accounts, focusing on risk and materiality. This includes reviewing:
- Account balances and transactions
- Historical documents
- Tax communications and documents
- Internal documents, such as policies and procedures
- Financial commitments
- Current and previous years’ financial statements
Benefits Of Regular Audits
While audits may or may not have an annual requirement, annual audits provide significant internal and external benefits, such as:
- Error Detection: Audits reveal discrepancies, such as unusual data patterns, allowing you to address issues promptly.
- Fraud Deterrent: Audits help identify potential fraud, such as incorrect accounting estimates or improper payment requests, which can strengthen internal controls.
- External Reporting: Lenders and investors require assurance that your company manages finances effectively. Audits demonstrate your financial reliability.
- Resource Allocation: Audits highlight areas of under- or overspending, helping you allocate capital more effectively to achieve organizational goals.
- Cost Reduction: Audits identify opportunities to streamline processes, cut costs, and improve overall financial performance.
Do You Need To Have A Financial Statement Audit?
While audits may feel like you’re under a microscope, they are essential for obtaining an accurate understanding of your financial standing. Audits can prevent issues by minimizing the risk of fraud and enhance the value of your business by identifying areas for improvement. If you need a financial audit, count on A+P for a reliable examination that reveals the truth about your situation and outlines steps for improvement. We pride ourselves on our commitment to ethics and professionalism in all that we do. We will clearly communicate our findings and provide informative recommendations to enhance your financial health.
Our experienced assurance team is equipped to assist with your financial statement requirements from an independent perspective. We are well-versed in Generally Accepted Accounting Principles (GAAP) and audit and assurance standards staying current with new developments and pronouncements. Our established processes ensure efficient and effective engagement.
Our goal is to help you meet industry and financial regulatory requirements while providing recommendations for areas of improvement.