Audit Services

Financial Statement Audits

You consistently spend your time focused on improving performance and increasing the bottom line at your organization—and you shouldn’t expect anything less from your accounting partner.

Our Approach

A Unique Approach to Avoid Operational Disruptions

We provide experienced personnel and deploy audit managers on-site for the majority of the audit to ensure a timely and effective engagement. In fact, our policy of using managers and partners to lead our engagement teams is a major factor in our clients’ satisfaction with our financial statement audits.

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
Matt Perreault - Audit | Armanino
Matt has more than 30 years experience and is a recognized expert in Revenue Recognition, Complex Debt vs Equity issues.

San Ramon, CA
Katerina Starkova - Partner, Audit - San Jose CA | Armanino
Katerina serves SEC and private companies in the life sciences, technology and manufacturing industries.

San Jose, CA
Andrew Armstrong - Audit | Armanino
Andy is an audit professional who helps clients reach their business goals through accounting strategy.

San Jose, CA
Financial Statement Audit News & Insights
Updated June 28, 2023
Why IRS Cannabis Audits Are Likely to Increase and How You Can Prepare
Newly released documents show the IRS has various reasons to target cannabis companies for audits.

May 04, 2021
Audit vs. Review vs. Compilation: What’s the Difference?
It’s important to select the appropriate level of assurance that balances the costs and the benefits.

February 08, 2021
Updated June 26, 2023
Board of Directors Meeting Prep Checklist
Your meeting package should be insightful and provide directors the necessary level of financial detail and analysis.

October 02, 2020
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