An audit is a comprehensive evaluation of your financial statements designed to provide the highest level of assurance that your financial statements are complete, accurate and fairly presented in compliance with US Generally Accepted Accounting Principles or another applicable financial reporting framework. Financial statement audits play a critical role in creating and maintaining investor confidence while unlocking valuable insights into the business. At KNAV, our approach is to understand the business and the risks it faces, and focus our efforts where they matter the most for better efficiency. During an audit your financial statements are examined, accounts are confirmed with third parties, physical inspections and observations are conducted, and testing is performed on selected transactions through the review of supporting documents.
Note that for an audit:
- The CPA must be independent; &
- The report must include all required disclosures.