What is an Audit?
An audit provides the highest level of assurance that an organization’s financial statements are presented fairly, in all material respects, in conformity with the applicable accounting framework.
Whalen & Company’s audits are typically prepared for companies with banks, creditors, investors and others who require an auditor’s opinion on financial statements.
- An audit is a methodical and objective examination of a company’s financial statements, including the verification of specific information as determined by auditing standards. The work includes a consideration of internal controls, assessment of fraud risk, testing of selected transactions and communication with third parties. This is accomplished through observation and inquiry, physical inspection and other procedures.
- Based on the findings, a report is issued as to whether the financial statements are presented fairly, in all material respects, in conformity with the applicable financial reporting framework, providing confidence in the accuracy of financial data so that management and external parties can make informed decisions.
- In certain cases, the auditor may issue a disclaimer of opinion, qualified opinion or adverse opinion if the financial statements being audited do not adhere to GAAP.
Contact Whalen & Company, CPAs today to learn more!