AUDIT

An audit can be performed on financial statements, process, controls, employees, funding or just about anything you can imagine. The value an audit serves is to have an independent party issue an opinion on whether the objective is being met within expectations. This assures outside parties and internal parties that everything is being met to standards

FINANCIAL STATMENTS

The most common type of audit is on the financial statements. This audit is performed to ensure all accounts are justified and are not erroneous. For profit and especially non profit organizations have audits performed. The value is to:

  • Determine allocation of funds are being used correctly
  • Substantiate that the financial statements are accurate
  • Give peace and mind to owners
  • Provide to potential lenders the individual / company has clean fincianals

PROCESS CONTROLS

Audits can be performed on the process and controls a business has. If there has been automation performed or a manual task being performed, a routine audit is needed to ensure:

  • Accuracy
  • Correct performance of task / automation
  • Objectivity