A financial statement audit is a methodical and objective examination of financial statements, including verification of specific information as determined by the auditor or established general practice.
FINANCIAL STATEMENT AUDIT SERVICES
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.
With a financial statement audit you get the highest level of assurance because our examination extends outside of your company. For example, we will typically have written communication with your customers, banks, vendors and attorneys to check outstanding receivable balances, confirm cash or debt balances and terms, verify outstanding payable balances and gather information on pending or threatened legal action, if any.
We document and audit each operating cycle, including sales and cash receipts, expenses and cash disbursements, and payroll. We also perform physical inspections by observing your inventory counting methods and performing test counts. Our financial statement audit includes a detailed work program to document the examinations and testing performed, as well as the supporting work papers. Our services also include a Report to Management which provides detailed conclusions and recommendations for improving your internal accounting systems and controls.
COMPLIANCE AUDITS IN ACCORDANCE WITH OMB UNIFORM GUIDANCE
In conjunction with a financial statement audit, non-Federal entities, including non-profit organizations, which expend $750,000 or more in Federal awards in a year are required to have a “single audit” conducted in accordance with the Office of Management and Budget (OMB) Single Audit Act and Subpart F of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Since its inception Keegan Linscott has served non-profit organizations and has an established team of professionals with the training and experience required to perform audits in accordance with Uniform Guidance. Our professionals work with non-profit organizations of varying size and complexity that receive government awards in the form of grants, cooperative agreements and contracts.
In addition to performing specific audit procedures and preparing reports in accordance with Uniform Guidance, we provide you with assistance in the submission of the Single Audit Report package to the Federal Audit Clearinghouse.