Audit - Highest Level of Assurance
An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice.
Our work includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements.
Vance Flouhouse & Garges provides audits of privately held companies. Concentrating on privately held companies means we are free from public company regulations reporting deadlines, disclosure complexities and risk management issues. As a result, we can focus on what really matter to you and your business. In addition to privately held companies, VFG also provides audits of non-profit organizations and employee benefit plans.
Audits are usually performed because an outside third party requires an auditor's opinion on the financial statements. Audits are performed for the purpose of expressing an opinion about whether the financial statements are fairly presented and that they conform with generally accepted accounting principles or another financial reporting framework.
Audits are the most comprehensive of all the attest services. Auditing procedures include testing accounting records and examining evidence supporting the amounts and disclosures in the financial statements. Evidence is obtained through inquiries, analytical procedures, physical inspection, observation, and through independent confirmation. Additionally, audits require an understanding of the entity and its internal controls.
There are certain assurances that audits are not designed to provide. The objective of an audit is not to provide assurance on or identify deficiencies in internal control. The work performed as part of an audit does give us an understanding of how your company and financial reporting function. This means we may be able to identify issues related to internal controls, processes, inefficiencies, cash flows problems as well as company and industry trends. As a result, the work performed during an audit may allow us to provide you with general business advice based on the insights gained during the engagement.
Vance Flouhouse & Garges are registered members of the American Institute of Certified Public Accountants ("AICPA") and the Employee Benefit Plan Audit Quality Center of the AICPA.