Financial Statement Audits
When a business needs to take a new loan, renew a line of credit, or start a new relationship with a vendor or supplier, there is often a need to obtain verification of the company’s activities and financial position. To meet the requirements of creditors and lenders, a business must undergo an annual financial statement audit, compilation, or review. Each provides increasing sophistication in the presentation and accuracy of financial statement information. For some, a financial statement audit will be a one-time event, while others are required to undergo an audit on an annual basis.
Calvetti Ferguson has years of experience providing financial statement audits to companies in Dallas, Houston, and across the United States. We have conducted thousands of financial statement audits and related assurance procedures that help businesses meet ongoing requirements. Our team uses AICPA generally accepted auditing standards (GAAS) and meets the requirements of the PCAOB. We design the appropriate testing procedures to meet established benchmarks. In addition, our process is client-centric and deadline-focused to ensure the best possible experience.
Services:
- Agreed-upon procedures
- Employee benefit plan audits
Financial Statement Assurance Services
- Financial statement audits – A financial statement audit is an independent examination of a company’s financial statements conducted by an external auditor. The purpose of the audit is to provide assurance that the financial statements present a ‘true and fair’ view of the company’s financial performance and position in accordance with relevant accounting standards (such as GAAP). During the audit, the auditor evaluates the accuracy and completeness of the financial records, assesses the internal controls, and examines related disclosures to form an opinion on whether the financial statements are free from material misstatements. This audit enhances the credibility of the financial statements, providing stakeholders, such as investors and creditors, with confidence in the reported financial information.
- Reviews: A financial statement review is a service where an accountant provides limited assurance that a company’s financial statements require no material modifications to comply with the relevant accounting standards (such as GAAP or IFRS). Unlike an audit, a review does not involve assessing internal controls, fraud risk, or other detailed audit procedures, so it offers a lower level of assurance. The accountant must have sufficient knowledge of the entity and its industry to perform the review, while management remains responsible for preparing the financial statements.
- Compilations: A financial statement compilation is a service where an accountant helps a company’s management present its financial statements without providing any assurance that the statements are free from material misstatements or conform to accounting standards like GAAP or IFRS. Unlike audits or reviews, compilations do not involve inquiries, analytical procedures, or an understanding of internal controls.
- Agreed-upon procedures – An agreed-upon procedure engagement is like an audit on a limited scale. It can be used to identify specific problems that require immediate action. The CPA does not issue a formal opinion; they will only act as a fact finder and issue a report with the procedures performed and the findings.
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Calvetti Ferguson works with companies, private equity firms, and high-net-worth individuals nationwide. Regardless of the complexity of your compliance, assurance, advisory, or accounting needs, our team is ready to help. Please complete the form below, and we will follow up with you shortly.