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Audited Financial Statements


Audited Financial Statements

Banks, stockholders, creditors and private investors often need assurance that your financial statements accurately represent your true financial position. It’s just good business. Audited financial statements provide the highest level of assurance. If your company is publicly held, the Securities and Exchange Commission requires you to file annual reports that have to be audited. 

Best rated NYC CPA firm Miller & Company serves as an independent auditor to examine your compiled financial statements — and the disclosures that go with it — to prepare a financial statement audit for your company. An audit involves a methodical review and objective examination of your finances, including a review of your internal controls, tests of selected transactions and inquiries to other parties.

THE PURPOSE OF FINANCIAL STATEMENT AUDITS

As an experienced auditor in the Manhattan and New York City metropolitan area, Miller & Company has to attest to the validity of your audited financial statements and other disclosures. The resulting financial statement audit reports on whether your financial statements are fairly stated and free of material misstatements. Without this report, your reviewed financial statements lose their credibility.

Financial statement audits verify your reported performance and financial position. They also corroborate your own findings to ensure that you’re on track to maintain your continued highest profitability. Hiring a CPA firm in NYC like Miller & Company can pay dividends by finding any problems or mistakes before they become unintended disasters. There are two main accounting frameworks that have made audited financial statements more common:

  1. Generally Accepted Accounting Principles (GAAP)
  2. International Financial Reporting Standards (IFRS)

THREE STAGES OF AN AUDIT

Miller & Company follows three primary stages for any financial audit:

  1. Risk assessment and planning. At this beginning stage, your auditor spends time learning about your business and business environment. This preliminary work helps your auditor gain an understanding about the way your business operates. The information helps the auditor assess potential risks that can adversely affect your audited financial statements.
  2. Testing internal controls. This stage assesses your company’s suite of controls. Your auditor commonly uses risk assessment questionnaires to test your internal controls, focusing on areas like:
  • How well you safeguard your assets
  • Whether proper authorizations are in place
  • If you have a clear segregation of employee duties

Assessing your internal transactions can determine your company’s degree of effectiveness and control. Positive results mean the audit can go faster. If the potential for errors or misstatements are found, your auditor has to dig deeper to find the problem areas. This process, remember, only results in making your organization stronger.

  1. Substantive audit procedures. The last stage includes an array of procedures and financial statement reviews, such as:
  • Cash review, to count your on-hand cash, review your bank statements, issue bank confirmations and check for restrictions on bank balances
  • Analysis, which looks for anomalies by comparing your current finances with forecasted, historical and industry results
  • Accounts receivable, an investigation of your collections, cutoff procedures and year-end sales, while confirming the balances in your accounts
  • Marketable securities, that reviews your transactions, confirms your securities and verifies the market value
  • Inventory, to obtain proof of your inventories, observe an inventory count, inspect shipping and receiving procedures, test your calculated overhead allocation, examine invoices, review production costs and trace inventory costs
  • Accounts payable, which tests your year-end cutoffs while confirming all accounts
  • Fixed assets, a review of your leasing documents, assets, authorizations for purchase and disposal, appraisals, amortization and depreciation
  • Debt, which examines your lease agreements, obtains confirmation with your lenders and reviews the minutes from your board of director meetings
  • Accrued expenses, to compare your balances to the previous year’s, examine subsequent payments and re-compute accruals
  • Expenses, a review of your transactions and expenses, while confirming any abnormal items with outside vendors and suppliers
  • Revenue, which examines sales documents, including transactions and sales returns in the last year

Read more at https://www.cpafirmnyc.com/audited-financial-statements

Working Hours:
Monday - Friday: 9:00 am - 7:00 pm;
Saturday: 9:00 am - 4:00 pm,
Sunday: Closed
Payment: cash, check, credit cards.

CONTACT US
Miller & Company LLP

Washington, DC
700 Pennsylvania Ave, SE, Ste 2050
Washington, DC 20003
(202) 547-9004

https://www.cpafirmnyc.com 

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