Services

Audit of Financial Statements:

Financial statements audit is an examination of an entity's financial statements by an independent auditor where an audit report is issued to opine on the fairness of the financial statements prepared under generally accepted accounting principles in the United States of America (US GAAP). This includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.An auditor's report is accompanied with audited financial statements that normally include company’s balance sheet, statement of operations, cash flows and detailed footnotes to the financial statements.

Why do you need an audit of financial statements under US GAAP?

An audit of financial statements under US Generally Accepted Accounting Principles (GAAP) is necessary for several reasons:

• 1. Financial Integrity: An audit ensures the accuracy, completeness, and reliability of financial information. It helps to maintain the integrity of financial statements, giving users confidence in the reported numbers.
• 2. Compliance: Many organizations are legally required to undergo an audit, either by regulatory bodies or stakeholders such as shareholders or lenders. An audit helps ensure compliance with laws, regulations, and contractual agreements.
• 3. Investor Confidence: Audited financial statements provide assurance to investors and other stakeholders that the company's financial information is reliable. This promotes trust, transparency, and confidence in the organization.
• 4. Risk Assessment: Audits identify and assess risks related to financial reporting, allowing management to implement effective internal controls and mitigate potential risks or errors.
• 5. Decision-making: Audited financial statements provide reliable information for decision-making by management, investors, creditors, and other stakeholders. Accurate financial information enables better strategic planning, investment decisions, and performance evaluation.
• 6. External Verification: An audit conducted by an independent certified public accountant (CPA) provides an unbiased, objective assessment of financial statements. It adds credibility and validity to the reported financial information.

Overall, the audit process ensures the accuracy and reliability of financial statements, enhances transparency, complies with legal and regulatory requirements, and fosters confidence among stakeholders.

Why Choose Us as Independent Auditor of your Financial Statements?

As an independent auditor, we offer several reasons why you should choose us to audit your financial statements:

• 1. Expertise and Experience: Our audit team consists of highly skilled professionals with extensive experience in auditing financial statements. We have in-depth knowledge of US GAAP, auditing standards, and industry-specific regulations, enabling us to provide accurate and reliable audits.
• 2. Independence and Objectivity: As an independent auditor, we maintain impartiality and objectivity throughout the audit process. Our goal is to provide an unbiased assessment of your financial statements, ensuring transparency and integrity.
• 3. Quality and Attention to Detail: We adhere to rigorous quality control procedures to ensure the highest standards in our audit engagements. Our meticulous approach includes thorough analysis, testing, and documentation to identify any material misstatements or irregularities.
• 4. Tailored Audit Approach: We understand that each organization is unique, with specific risks and complexities. We will customize our audit approach to address your organization's specific circumstances, industry, and regulatory requirements.
• 5. Effective Communication: We believe in open and effective communication with our clients. Throughout the audit engagement, we will keep you informed about our progress, findings, and recommendations. We are available to discuss any questions or concerns you may have and provide valuable insights for improvement.
• 6. Value-Added Services: Our audit services go beyond the basic compliance requirements. We strive to provide value-added insights and recommendations to enhance your internal controls, risk management, and overall financial operations.
• 7. Reputation and Trust: Our firm has built a solid reputation for delivering high-quality audit services. We are known for our professionalism, ethical practices, and commitment to client satisfaction. You can trust us to perform an independent and thorough audit of your financial statements.

Process of Financial Statements Audit:

The process of auditing financial statements typically involves the following steps:

• 1. Engagement Planning: The auditor and the client agree on the terms of the engagement, including the scope of the audit, timelines, and fees. The auditor gains an understanding of the client's business, industry, and specific risks.
• 2. Risk Assessment: The auditor identifies and assesses the risks associated with the client's financial statements. This involves understanding the internal control environment, assessing the risk of material misstatement, and developing an audit strategy accordingly.
• 3. Internal Control Evaluation: The auditor evaluates the effectiveness of the client's internal controls relevant to financial reporting. This includes understanding the control environment, performing tests of control, and documenting any weaknesses or deficiencies.
• 4. Substantive Procedures: The auditor performs substantive procedures, which involve obtaining audit evidence to support the amounts and disclosures in the financial statements. This may include analytical procedures, tests of details, and sampling techniques.
• 5. Audit Evidence Evaluation: The auditor evaluates the sufficiency and appropriateness of the audit evidence obtained. They assess the reasonableness of financial statement assertions and determine if any adjustments or additional procedures are required.
• 6. Financial Statement Reporting: Once the audit procedures are completed, the auditor prepares the audit report. The report includes an opinion on the fairness of the financial statements, disclosure of any significant findings, and compliance with relevant accounting standards.
• 7. Communication and Follow-up: The auditor communicates the audit results to the client's management and, if applicable, those charged with governance. They discuss any significant issues, recommendations, or areas for improvement identified during the audit. The auditor may also provide additional services, such as management letter recommendations or consultations.

Throughout the process, the auditor maintains independence, objectivity, and professional scepticism. They document their work and findings in working papers, which serve as a basis for review, quality control, and future reference.

It's important to note that the audit process may vary based on the specific engagement, the size and complexity of the organization, and any applicable legal or regulatory requirements. The steps outlined above provide a general framework for conducting a financial statement audit.

Choosing us as your independent auditor ensures that you receive a comprehensive, reliable, and valuable audit of your financial statements, contributing to the credibility and transparency of your organization's financial reporting.

Review of Financial Statements:

Although less extensive than an audit, a review involves applying analytical procedures in examining the financial statements and other inquiries made about your company's management team. A review report declares only limited assurance in a statement form - "We are not aware of any material modifications" - to comply with the Generally Accepted Accounting Principles in United States (US GAAP).