Financial Statement Audit
Baker Tilly goes beyond the regulatory requirement of expressing our opinion on the clients’ financial statements into providing management with useful recommendations that improves their financial and accounting systems as well as their internal controls. We believe that our understanding of the clients’ business strategies is reflected in our approach to the audit and assurance assignments where this leads to the success of the audit in creating valuable insights that the clients benefits from. We provide services in four assurance report structures:
Audit
The purpose of an audit is to enhance the degree of confidence in the financial statements. This is achieved by our expression of an opinion on whether the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework. An Audit is generally performed when regulators, banks, creditors, potential purchasers, and outside investors require the auditor’s opinion on the company’s financial statements.
Review
The scope of a review is less than that of an audit and therefore the level of assurance provided is lower. During our review, our team will assess whether the information being reported on appears to be plausible, primarily through inquiry, analytical procedures, and discussion. A review of financial statements is often performed for banks, creditors, and potential purchasers.
Compilation
Some organizations do not need financial statements containing all disclosures normally required for general purpose use, nor do they need the assurance that can be provided by an audit or a review. In such an engagement, we compile the statements using information supplied by management.
Special Reports
When an organization requires assurance on information other than its financial statements, Baker Tilly will perform agreed-upon procedures and issue a special report. This helps intended readers assess, for example, the company’s compliance with regulations and agreements. Special reports may also be issued on financial statements not prepared in accordance with a recognized financial reporting framework, or financial presentations that comply with contractual agreements or regulatory requirements.
Evolving The Audit Through Technology: Innovative Audit
Baker Tilly leverages technology to bring you insight from your own data and to provide you with an innovative financial statement audit. Meeting the changing needs of your company requires an audit to be more than just a tactical, retrospective service or compliance function.
We have invested heavily in technology to keep your audit at the forefront through data analytics, robotic process automation, and constantly evolving software. In addition, Baker Tilly’s audit teams use a risk-based model relying on a detailed understanding of your industry, business, and internal controls, which interacts with technology and business conversations to boost your audit from compliance to insight.
Technology for Efficiency: Enhancing Our Processes
Baker Tilly uses robotic process automation for greater efficiency, accuracy, consistency, and output. Shifting away from repetitive tasks and manual processes frees up time for what really matters: engaging in the higher value work your organization deserves.
Technology for Insight: Enhancing Your View
We leverage the latest in audit technology and software, including Caseware and Global Focus to identify exceptions and perform high-end analytics, which provides valuable perspectives we apply in helping your management team better manage the business. The use of the auditing softwares assist us in:
- Demonstrating the interactivity between accounting, finance, and operations via data visualization
- Empower our team to ask well-informed, value-driven questions rather than work through a one-dimensional checklist via dashboards
- Identify outliers amongst millions of transactions to spotlight uncommon transactions
Are You Being Left Behind?
The audit should bring new information about the operations and opportunities within your organization. Is your organization’s data being used to help you move forward? Are you gaining operational efficiencies? Do you understand your sales cycle, opportunities, and risks?
If you answer No to any of the above, contact your
Baker Tilly audit team to understand how to move your organization now, to the tomorrow you envision through innovative audit services.