Audit of Financial Services

As part of our professional auditing and accounting services in Georgia & the Southeast Region, we assist with the audit of financial statements. Financial statement auditing is usually done in order to render an opinion. Investors, creditors and even stakeholders will often request audits to be carried out to ensure that the financial statements accurately represent the company’s true financial position.

There are typically 3 levels of assurance that these parties will require and these are based on each investors, stakeholder’s or creditor’s risk tolerance levels. The 3 levels of assurance are as follows:

  • Comprehensive audit – this provides the utmost assurance and includes a thorough investigation of the financial statements and verification of information provided. An audit reviews internal controls, tests various transactions and provides correspondence required by third parties. An audit can help to deter fraud and error and help companies to comply with bank covenants. In terms of tax, an audit of the financial statements can facilitate corporate tax, goods and services tax and other types of taxes are calculated and paid on time and with accuracy as a priority. An audit also minimizes the likelihood that the business is not faced with investigations by the IRS or incurs any penalties as a result of oversight.
  • Reviews – this offers a limited amount of assurance. Reviews are less involved than an audit. The process involves an analysis of the financial statements. With a review there is no evaluation of internal controls or verification of data with third parties.
  • Compilations – this involves compiling financial statements for clients that include no opinions or assurance. There will be no inquiries or analysis of provided data. A compilation, which is merely a representation of the financial statements, is often required by banks as part of their lending requirements.

At WMBO CPA Group, we recommend a thorough audit of financial statements so that you can provide sufficient assurance for investors, stakeholders and creditors.

Contact Westbrook, McGrath, Bridges, Orth & Bray for Auditing of Financial Statements in Georgia & the Southeast Region

When seeking out professional assistance with the auditing of your financial statements, Westbrook, McGrath, Bridges, Orth & Bray should be on the top of your list of service providers. We offer expert financial and tax opinions and will ensure that you are appropriately advised and assisted.

For more information and advice on our financial statement auditing services in Georgia & the Southeast Region, contact us today.

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