Financial Statement Audit
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
Technology for Efficiency: Enhancing Our Processes
Technology for Insight: Enhancing Your View
- 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
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