Audits and Reviews
Because of the challenges of today’s business environment, auditing continues to be one of the most critical areas of CPA expertise. No other accounting function demands greater credibility. Banks, creditors, stockholders, governments, other interested third parties, and businesses themselves can rely on E+P to provide a quality audit.
An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by us as the auditor or as established by general practice. An audit includes risk assessment, including a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated in conformity with accounting principles generally accepted in the United States of America and are free of material misstatements. An audit lends credibility to the representations made by management in the financial statements, thereby increasing the reliance that may be placed on them.
Partners take a hands-on approach to auditing, conducting much of their review on-site. In this way, we work proactively to improve efficiencies, streamline processes, and bring about faster resolution to issues as the audit progresses. We strive to be flexible, proactive, and minimize surprises during your audit process.
At E+P, we are committed to providing our clients with more than a technically-sound audit. As part of our engagement, we provide constructive solutions to problems or potential problems. At the conclusion of an engagement, we submit written recommendations for improving internal controls and maximizing efficiency and profits. Through innovative and practical consultation with you and your management team, we are available to advise and assist you, our clients, in achieving your short and long-range financial objectives.
A review is less extensive than an audit but more involved than a compilation. The review process consists of applying analytical procedures to an entity’s financial statements and making certain inquiries of management. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.
A review allows us to express limited assurance that the financial statements are presented in conformity with accounting principles generally accepted in the United States of America. A review doesn’t require us to study and evaluate internal controls, verify data with third parties, or physically inspect assets. Reviewed financial statements must include all required footnotes and other disclosures.