Banks, suppliers, donors, government agencies, and potential buyers may also require audited financial statements as proof that your business is financially sound.
A financial statement audit from Armanino includes many of the procedures completed during a review, but greatly increases the level of work performed to test the existence, completeness and valuation of recorded financial statement balances.
Our experts will work closely with your team throughout the financial statement analysis. During the audit engagement, we will:
- Document significant processes and evaluate/test the internal controls over such processes
- Evaluate the performance of procedures to test for fraud and identify controls that can mitigate fraud risks
- Complete substantive testing to verify correct tracking of assets, and liabilities, and revenues and expenses
- Perform a single audit in accordance with the Uniform Guidance (UG) should a single audit be required in accordance with a federal award.
- Evaluate and test revenue and expense cutoffs for end-of-period accounting, to conform with GAAP rule ASC 606.
- Identify material and select smaller contracts for close scrutiny to test for proper revenue recognition
- Evaluate debt, lease and other contractual agreements to identify financial obligations
- Review potential legal contingencies
- Observe physical inventory counts and performance independent test counts.
- Test the adequacy and accuracy of footnote disclosures in financial statements to ensure clarity in statement presentations
- Ensure understanding financial statements is a top priority for you and your board, while still offering to help present the audited financial statements
