Audits & Review

What do you get in an audit?

What you are often told is that the primary purpose of a business audit is for an outside third party (the CPA firm) to issue an opinion that the financial statements present fairly (accurately) the financial position, results of operation and changes in cash flow of a particular business. This information is often required by governmental agencies, bonding companies, and lenders.

What is often not realized by many CPA's and business people is that audits offer an excellent opportunity for an outside body of financial experts to identify financial and operational problems and opportunities that may not be obvious to someone involved in your day to day operations.

Through an audit you can receive:

• Recommendations concerning efficiency in operations
• Assistance in developing good internal controls to better safeguard your assets
• Assistance in developing a supporting accounting and administrative control systems
• Assistance in determining the cost vs benefits of automating your operations and information systems.

Audited financial statements are useful and very often essential in connection with:

• Bank loans or obtaining credit
• Obtaining equity funding
• Obtaining construction and related bonds
• Sales, mergers and acquisitions of businesses
• Providing results of operations to stockholders, etc.