Audits — for businesses & tax-exempt entities

Audits are the highest level of attestation service. The culmination of the audit process provides an opinion on whether the financial statements and related disclosures are fairly presented in accordance with another comprehensive basis of accounting (OCBOA) or in accordance with generally accepted accounting principles (GAAP).

Primary components of audit engagements:

  • Assess risk of material misstatement of the financial statements and disclosure
  • Plan audit procedures based on the results of the risk assessment
  • Perform audit procedures to obtain sufficient and appropriate audit evidence
  • Obtain a management representation letter
  • Provide a written audit report

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