Every business needs financial reports to understand how it is performing, identify potential areas of improvement and in some cases to meet external demands. Financials are also essential in determining an organizations taxable profit. Certain organizations require audits – which means that a licensed public accounting firm has to render an opinion on whether the financial statements are prepared in compliance with regulatory standards and free of material errors, while others might require a review (negative assurance) or compilation (no assurance) engagement.
Audits are used to provide assurance on the validity and reliability of financial statements. With the Financial scandals that necessitated Sox still fresh in the publics mind, it is more critical today than ever to have a firm with proven integrity associated with your financials.
Whether you require an audit to meet regulatory requirements, a review to report to your stakeholders or a compilation as part of your corporate (T2) taxation reporting requirements the team at Ufodike Professional Corporation will work with you to meet your needs and assist you in understanding your will results better.
Our goal is to equip you with the information necessary to formulate or refine your business strategy.
Financial statement audit
The financial statement audit is vital from the perspective of the company, users of the financial statements and stakeholders. With the increasing complexity of business transactions and increase in misrepresentations, there is an increase in skepticism of a company’s financial statements in today’s business environment.
Meeting the expectations of stakeholders, begins with the completeness and accuracy of information contained in a company’s financial statements. The financial statement audit helps ensure that all accounting principles, financial reporting standards, and related regulations are adhered to and it validates that the financial statements are representative of the actual financial position of the organization.