Financial Statement Audit

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Bizindo can provide and give guidance on accounting, reporting and financial statement auditing issued by a Certified Public Accountant (CPA). 

Purpose of a Financial Statement Audit

Companies produce financial statements that provide information about their financial position and performance. This information is used by a wide range of stakeholders (e.g., investors) in making economic decisions. Typically, those that own a company, the shareholders, are not those that manage it. Therefore, the owners of these companies (as well as other stakeholders, such as banks, suppliers and customers) take comfort from independent assurance that the financial statements fairly present, in all material respects, the company’s financial position and performance.

To enhance the degree of confidence in the financial statements, a qualified external party (an auditor) is engaged to examine the financial statements, including related disclosures produced by management, to give their professional opinion on whether they fairly reflect, in all material respects, the company’s financial performance over a given period(s) (an income statement) and financial position as of a particular date(s) (a balance sheet) in accordance with relevant GAAP. In many cases this is required by law.

Benefits of a Financial Statement Audit

Auditors are generally and ultimately appointed by the shareholders and report to them directly or via the audit committee (or its equivalent) and others charged with governance. However, some companies’ audited financial statements, and particularly public companies, are on public record. For large public companies, they may also be used by other parties for varying purposes. In addition to shareholders, these may include, for example, potential investors considering buying the company’s shares and suppliers or lenders who are considering doing business with it. A rigorous audit process will, almost invariably, also identify insights about some areas where management may improve their controls or processes. In certain circumstances the auditor may be required to communicate control deficiencies to management and those charged with governance.
These communications add value to the company and enhance the overall quality of business processes.

To comply with law and minimum standard for Financial Statement Audit, Bizindo can provide and give guidance on accounting, reporting and financial statement auditing issued by a CPA.  


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