A financial statement audit gives an organization and its stakeholders an independent professional report on the statements as a whole. We begin by understanding the organization and how it prepares financial information, then identify key risks and matters and perform procedures suited to the engagement.
When does an organization need an audit or review?
An organization may need an annual audit, an interim review, or an independent report for a specific purpose. The right engagement depends on the report’s purpose, stakeholder requirements, and the information to be covered.
What do audit procedures cover?
Depending on the scope, procedures may include understanding the business and relevant controls, assessing risks of material misstatement, examining selected records and balances, discussing significant accounting matters, and considering the adequacy of disclosures.
What does the client receive at the end of the engagement?
The deliverable may be an audit report, an interim review report, or a report of agreed-upon procedures and factual findings. We explain its form and limitations before accepting the engagement.
Who is this service for?
Organizations that need an independent professional report on their financial statements, a review of information for a defined period, or agreed procedures on a specific account or balance.
Examples of engagement types
- Annual financial statement audits and issuance of the appropriate report.
- Limited reviews of preliminary or interim financial statements.
- Agreed-upon procedures on specific items or balances, with the scope and findings clearly described.