Financial Auditing Services

A financial audit, or audit of financial statements, is the examination by an independent third party of the financial statements of a company or any other legal entity (including governments and individuals), resulting in the publication of an independent opinion on whether or not those financial statements are relevant, accurate, complete, and fairly presented.

Financial audits exist to add credibility that the financial statements fairly represent the organization's position and performance. The financial statements are considered crucial to the decisions of all stakeholders, i.e. the IRS, creditors and regulators.

A financial audit reduces the possibility of a material misstatement. Material is very broadly defined as being large enough or important enough to cause stakeholders to alter their decisions.

A CPA firm provides written assurance that financial reports are 'fairly presented in conformity with generally accepted accounting principles (GAAP).' The measure for 'fairly presented' is that there is less than 5% chance that the financial statements are 'materially misstated'.

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