Looking for easier access to capital or additional financial credibility?
A financial statement audit or review can introduce needed transparency into the organization's operational and financial status. With this information, the organization can make better decisions and other stakeholders can feel more informed about the organization's performance.
Financial statement audits and reviews
Organizations seeking security and reassurance about the organization's operations and financials for internal and external stakeholders
Organizations seeking easier access to capital
Organizations seeking additional financial credibility
Organizations seeking to meet regulatory requirements for audits or other attest services
Provide visibility and security to an organization's lenders and stakeholders about an organization's financial status
Lay the foundation for access to capital and other resources needed (often required by lenders and investors)
Reinforce financial discipline and accountability
Meet regulatory requirements
How AGH's financial statement audits and reviews can help your organization
For a financial statement audit, an audit team reviews an organization's financial statements and the underlying data that supports them to ensure that the information is fairly and materially stated and reflects the organization's financial status. Before fieldwork, the team coordinates scheduling and deadlines with the organization's financial leadership, assesses risks that could affect financial performance, explores whether reasonable assumptions were made in creating the financial statements and determines an audit plan. Once onsite at the client's organization, the audit team reviews and confirms selected financial information (such as bank statement reconciliations, inventory and accounts receivable/payable) for comparison with the financial statements, and examines certain internal controls. The team is also required to consider the possibility of fraud.
For governmental and not-for-profit organizations that receive federal funds, a single audit determines whether funds were used for the purpose they were intended.
At the conclusion of fieldwork, a final meeting is held onsite with the organization's financial leadership to resolve any remaining questions or issues. AGH then issues an audit report draft for the organization's review and comment, then a final audit opinion.
A review engagement primarily includes applying analytical procedures to management's financial data and making inquiries of management. A review is considerably less in terms of scope as compared to an audit. A review report states whether the audit team found any variances from generally accepted accounting principles.
A compilation is substantially less in terms of scope as compared to an audit or review. There is no independent inquiry and confirmation of the data; it is simply formatting information into a financial statement. A compilation report is prepared indicating no opinion is expressed or any other assurance.