Determining whether a financial audit is recommended begins with us asking you a lot of questions. The reason we do this is to make sure that audited financial statements will achieve the correct end result as to what the business or management has in mind.
In many cases, a certified financial audit is simply required to satisfy bank loans, franchise agreements, financial investors or purchase due diligence by an outside party. But besides situations where it is necessary, what are the benefits of audited financial statements?
- Having our team audit, review or compile the financial statements provides the opportunity to bring various items up to date, such as the fixed assets schedule, ownership basis, and other factors that can increase the value of a business and reduce its tax liability.
- An audit performed by our team with expertise in your industry will help you stay up-to-date on tax, accounting and legal issues. Compliance with payroll, sales tax and related matters can prevent expensive surprises that reach back several years.
- If fraud is detected the appropriate personnel are notified. The primary goal of an audit is related to financial statement presentation, not fraud detection. But, in response to recent events, CPAs determine the potential for, or the actual occurrence of fraud. Prevention and reduced exposure to fraud directly protects the bottom line.
- An annual audit produces a management letter. This letter includes detailed suggestions for improvements in the financial management of your business. Our clients find the management letter as beneficial as the audited financial statements themselves.
- Peace of mind. Owners need an effective method to verify and summarize the financial health. This understanding, ultimately, helps you as the business owner or management team make better decisions using reliable, timely financial information.
So, to answer the question “do I need a financial audit” it really depends on a lot of factors. But to us, it starts with an open conversation about what the goals or requirements are for your financial statements. We create a tailored solution that gives your business the right blend of assurance and accuracy needed to have confidence in your numbers within a cost-effective engagement.
What level of insight is right for your business and financial goals?
Contact us for a free consultation.