What’s Included in an Audited Financial Statement?
Our Financial Statement Audit service includes a detailed review of balance sheets, income statements, cash flow statements, and shareholders' equity statements. We focus on identifying any discrepancies, evaluating internal controls, and assessing financial performance. Our team ensures compliance with Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), providing insights for better financial decision-making.
The Key Components of a Financial Statement Audit Include:
- Income Statement: Summarizes revenue, expenses, and net profit or loss for a fiscal year, with verification of transactions' accuracy.
- Balance Sheet: Details assets, liabilities, and equity at a specific date, confirming the existence and accuracy of these items.
- Cash Flow Statement: Tracks cash inflows and outflows, assessing the company's liquidity and operational sustainability.
- Shareholders Equity Statement: tracks changes in a company's value attributable to shareholders over a period. Increased equity typically signifies strong business performance, while decreases may indicate challenges or losses. It offers valuable insights into financial health and management effectiveness.
What You Can Expect From Our Audited Financial Statements Services
- CPA Verification: A certified public accountant (CPA) verifies the accuracy of your financial statements, reducing errors and enhancing their reliability.
- On-Site Inspection: The CPA may conduct physical inspections, such as checking inventory, to ensure accuracy in reported figures.
- Internal Control Inspection: Auditors assess internal controls to prevent fraud or errors, especially in areas where there is limited oversight over financial transactions or reporting.
These elements ensure that audited financial statements provide a thorough and accurate representation of a company's financial health and operations.
Upon completion, our auditors issue an audit opinion letter affirming the accuracy and fairness of the financial statements, crucial for informing decisions by banks, suppliers, and investors. These statements not only comply with legal requirements but also provide transparency and assurance to all stakeholders.
Why Choose Dimov Audit for Your Audit
- Compliance Verification: Our auditors verify that your financial statements comply with relevant accounting standards such as GAAP or IFRS, ensuring confidence and credibility for you and your stakeholders.
- Risk Assessment: Our auditors analyze the risks related to your financial reporting processes and assess the effectiveness of your internal controls. This enhances your control framework and minimizes the likelihood of errors.
- Industry-Specific Expertise: Whether your business operates in manufacturing, financial services, technology, non-profit, real estate, or HOAs/Condos/Co-ops, our auditors possess specialized knowledge and experience to address your unique audit needs.
- Regulatory Compliance: Our audit services ensure that your financial statements meet the compliance requirements set forth by regulatory bodies and governmental agencies.
- Transparent Communication: We keep you updated on our progress, discuss any issues identified, and offer practical recommendations for improvement.
- Laser Focus: As a division of our larger parent company, Dimov Tax, Dimov Audit only does audit work. This specialty allows us to streamline our processes and pass the savings along to you. Thus, we are likely more cost-effective than our competitors without compromising our quality of service.
