Each year, many businesses undergo a financial statement audit to receive independent assurance that the statements provide a clear and accurate representation of the entity’s financial condition. During an audit engagement, the independent auditor examines various aspects of the financial statements, including disclosures and footnotes, and renders an opinion. The auditor will gather audit evidence and test accounts and transactions to verify accuracy. For most, this results in a clean opinion, meaning the financial information accurately represents the financial condition of the business.
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How JLK Rosenberger Can Help
For privately held companies, it is often necessary to undergo an audit to secure access to capital, attract investors, inform shareholders, satisfy vendors, or for regulatory purposes. They are also useful in assisting management in making strategic business decisions and for maintaining transparency with stakeholders.
Financial Statement Audit Services
JLK Rosenberger works with many companies to conduct the annual financial statement audit. Our proactive process facilitates an engagement with clear communication and established benchmarks and deadlines. Our process includes:
- Planning & Assessment – During this phase, our professionals gain an understanding of the business and its operating environment. We also identify potential risks for material misstatements that may be due to error or fraud. Based on this information, an audit plan is developed.
- Internal Controls Evaluation – Our team will develop an understanding of internal controls and make necessary determinations. If needed, controls testing will be conducted to ensure proper operation.
- Substantive Testing – Time will be allocated to testing account balances and transactions while audit evidence is gathered.
- Reporting – During this phase, auditors review findings and evaluate an opinion about the condition of financial statements.
- Follow-up – If there are findings in the audit report, our team will work with management to ensure appropriate actions have been taken.
Interested in learning more? Contact us today to discuss how we can navigate your next annual audit.
Our Latest Thinking on Financial Statement Audits
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