Financial reporting provides information needed to improve performance and identify opportunities. Global Business Solutions’ reputation, quality and independence provide third party credibility that can enhance a company’s position with the financial community.
An audit is generally performed in order to provide assurance to a third-party decision maker, such as stockholders, creditors and banks, grantors, and regulators. The objective of an audit of financial statements is to express an opinion on the fairness with which they present, in all material respects, financial position, results of operations, and cash flows in conformity with generally accepted accounting principles (GAAP) or other applicable financial reporting framework.
While performing a financial statement audit, we do the following:
- Gain an understanding of your organization and its environment, including its internal control
- Assess the risk of material misstatement of the financial statements whether due to error or fraud
- Design the nature, timing, and extent of further audit procedures that are responsive to the assessed risks
- Test your accounting records and responses to our inquiries by obtaining sufficient, appropriate, and corroborating evidence through inspection, observation, confirmation, and analytical procedures
- Provide a written report expressing our opinion
Although audit services are generally provided to meet a third party requirement, we understand this service has greater value for you when we identify opportunities for your organization. With our industry knowledge, we look for ways to improve your organization's operations, increase efficiency and effectiveness, and increase the bottom line.
The objective of a review of financial statements is to obtain limited assurance that no material modifications should be made to the financial statements in order for the statements to be in conformity with GAAP or other applicable financial reporting framework.
In order to obtain limited assurance, we design and perform procedures to accumulate evidence:
- Apply analytical procedures to management’s financial data
- Make inquiries of management
- Obtain representations from management
Responsibilities and the results of the engagement are communicated in our review report. Although review procedures are much less in-depth than audit procedures, we use our knowledge of your industry to identify and share our recommendations to improve the results of your operations.
The objective of a compilation of financial statements is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements. We improve the quality of the compiled financial information by helping clients present it in accordance with GAAP, and other comprehensive basis of accounting (OCBOA), or other applicable reporting framework. Although our report does not explicitly provide assurance, the fact we assisted helps provide assurance to decision makers. Even though compilations provide no assurance to third-party decisions makers, just formatting financial information in a standard and frequently comparative format allows us to highlight and recommend ways to enhance your organization's operations.
Agreed-upon procedure engagements are a unique attestation engagement because we report procedures and findings rather than a conclusion. These engagements involve applying procedures, agreed-upon by specified users, to information and issuing a report that enumerates the procedures performed, states our findings, and restricts the use of the report to the parties that agreed to the procedures.
If you have any further questions please contact us for more information and a Global Business Solution team member will contact you.