As many companies have come to understand, audits and reviews are often not performed for the benefit of company management or owners. They’re performed to provide the reliable, standardized, accurate reports issued by company management to interested stakeholders — its creditors, investors, vendors, or even potential acquirers. Our assurance and advisory professionals help you understand and anticipate what a company outsider will see, internalize and question, and help you best prepare to respond to any questions or feedback.
To provide our clients with maximum value from the audit requires approaching the audit as a process that involves an understanding of your business and your industry, consistent communication, and knowledgeable and consistent staffing. Contemporaneous discussion and consultation regarding live transactions — not historical ones — provides the very best platform for the transfer and implementation of knowledge and value. An audit of financial statements may be conducted in accordance with various standards, as follows:
- Generally accepted auditing standards
- Generally accepted government auditing standards (the yellow book)
- Uniform Guidance
Our firm conducts audits in accordance with all the above standards.
Since an audit of financial statements includes review and understanding of internal controls system, it may result in the issuance of a management letter. A management letter is addressed to the board of directors, explains weaknesses in the system of internal controls that have come to the auditor’s attention and may include recommendations.