Financial statement audit. Financial audits dig deep into a companys financial situation probing accounting records internal controls policies cash holdings and other sensitive financial areas. In providing an opinion whether financial statements are fairly stated in accordance with accounting standards. Financial statement audits play a critical role in creating and maintaining investor confidence and can unlock valuable insights into the business.
The fundamental purpose of the audit is to provide independent assurance that management has in its financial statements presented a true and fair view of a companys financial performance and position. Issuance of statement on auditing standards no. Our tailored audit services can help you build trust and confidence through transparency clarity and consistency.
A financial statement audit is an engagement performed by an independent accountant to provide assurance that an entitys financial statements are reported in accordance with accounting principles generally accepted in the us. Reports on audited financial statements 2149 au section 508 reports on audited financial statements supersedes sections 505 509 542 545 and 546. Understanding the financial statement audit.
11305 the objective of the fourth standard is to prevent misinterpretation of. The result of this examination is a report by the auditor attesting to the fairness of presentation of the financial statements and related disclosures. The irs may also require a financial statement audit as part of a tax audit.
When we audit your organizations financial statement you benefit from our thoroughness and professionalism as well as our focus on client service. The quality of our audit starts with each of our 62079 global assurance professionals who have the breadth of experience that comes from auditing many of the worlds leading and fastest growing companies and to whom we provide the best available ongoing personal and professional development. A financial statement audit is the examination of an entitys financial statements and accompanying disclosures by an independent auditor.
Specifically certified public accountants or cpas are obtained to provide audited financial statements to businesses. Normally the criteria are international accounting standards although auditors may conduct audits of financial statements prepared using the cash basis or some other basis of accounting appropriate for the organisation.