AUDITS
At Sol Schwartz & Associates, we look beyond the facts and figures to provide accounting and tax auditing services for established and up-and-coming businesses. We work with you, as part of your management team, in the areas that are crucial to your financial health. We help you plan ahead for cash flow and financing needs, build projections and forecasts and make recommendations to increase your efficiency and profitability. We know that vital business decisions are based primarily on your financial statements – that’s why we make them as informative and meaningful as possible.
How can a financial audit help your company?
Audits are usually performed when a third party requests them. However, audits can add value to any business or organization by:
- Adding credibility – Performance reports and financial statements are more credible and effective when corroborated by audited financial statements and the auditor’s opinion on their fairness and accuracy. Audits are especially important for governmental entities and nonprofit organizations to ensure the public trust.
- Reducing risks – Many organizations experience material misstatements due to human error or fraud. This can endanger a business’ future. A financial audit identifies control systems that should be implemented or strengthened to prevent or stop these issues.
- Improving loan rates – Without audited financial statements, a lending institution may not be able to determine if a business is well positioned to repay the loan. Consequently, lenders lend money at higher interest rates to mitigate their lending risks. Providing a lender with audited financial statements may result in more desirable loan terms.
- Bringing more business opportunities – Contractors need to present audited financial statements to insurance companies in order to qualify for bonding. Franchisors and sellers of business opportunities must present audited statements as part of their sales offering circulars. In addition, with more credibility, nonprofit organizations are more likely to receive funding from donors and granting agencies.
An audit involves performing procedures that provide us with enough evidence to offer an opinion as to whether financial statements are fairly presented and are in conformity with generally accepted accounting principles.
As auditors, our goal is to determine whether the financial statements are free of material misstatement. An audit requires extensive inquiry and study of the business’ policies, procedures, systems, operations and financial management.
Items are observed, tested, confirmed, compared or traced based on the auditor’s judgment of their importance and risk. After gathering sufficient evidence through this process, we can issue an opinion about the fairness of the financial statements.
We invite you to contact us directly, or continue browsing our website to learn more about how we can help you.