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.
Financial Statement Assurance Services
- Financial statement audits – An audit examines a company’s financial statement, including disclosures, by an independent audit firm. The result of an audit is a report by the auditor which attests to the fairness of the presentation of financial statements. After the engagement, an auditor report will be issued that provides an opinion on the accuracy and fairness of the information presented.
- Internal control evaluations and risk assessments – A system of internal controls, while not required for private companies, is an integral part of operations that can help mitigate risks and add business value. A risk assessment can help identify which critical processes might be vulnerable to errors and create significant risks for the company. It can help determine the impact the company could sustain if such errors occurred and help focus on the ones that matter most to business strategy and operations.
- Internal audit assistance – An internal audit provides an independent review of a company’s existing internal audit function and strategy. The external auditors will provide support to existing internal audit functions or provide fully outsourced internal audit services, which include preparing and delivering training, developing policies and procedures manuals to improve the internal control environment within the organization, and assisting in enhancing operational efficiency and cost reduction to improve an organization’s competitiveness by applying best practices to business processes and controls.
- Due diligence support for mergers, acquisitions, and other transactions – Due diligence helps address and clarify the value drivers of the deal. Some areas that will be addressed during this process are historical results reflecting run-rate profitability; data to support forecasting; factors affecting the purchase price; balance sheet and off-balance sheet exposures; material accounting issues and their potential effects on disclosures.
- SSAE 16 internal service and process audits of IT and data security – An independent SSAE 16 examination enables a service organization to provide customers with detailed information about their system. This includes a report on its controls that impact internal controls in financial reporting. When this report is provided annually, it can deliver a remarkable level of assurance to customers.
- 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.
Calvetti Ferguson works with mid-market companies, private equity firms, and high net worth individuals across the country. Regardless of the complexity of the compliance, assurance, advisory or accounting need, our team stands ready to assist you. Please complete the form below, and we will follow up with you shortly.