Financial Statement Audits

A top-down, risk based audit approach

The annual audit of your company’s financial statements is done to verify their accuracy, with a view to expressing an opinion. The audit opinion provides reasonable assurance that the financial statements are presented fairly, in all material respects, and/or give a true and fair view in accordance with the financial reporting framework. The purpose of an audit is to enhance the degree of confidence that intended users have in the financial statements. Potential users may include company owners and management, sureties, lenders, customers (owners, developers and general contractors) and others.

In performing  your audit, Lanter, Leonardo & Levy’s approach will include these core procedures:

  • Obtain your company’s financial statements and perform analytical procedures to determine its strength and financial ability.
  • Gain an understanding of your company and consider economic and industry issues that might have affected it during the year.
  • Identify and analyze high-risk areas and their key controls. We utilize a top-down approach assesses your company’s internal controls for effectiveness.
  • Test the internal controls to verify that they are working as intended.
  • Select samples of accounting data for the major activities listed in the financial statements and test these samples to verify that the financial statements are accurate and have been prepared in accordance with GAAP.
  • Draw conclusions (form an opinion) from the audit work about whether the financial statements taken as a whole fairly present the financial results and position of the entity and its cash flows in compliance with GAAP.
  • Prepare the audit report stating the audit opinion.
  • Communicate findings, developments and insights affecting your business in an effective and timely manner.

An audit performed by a CPA is a thorough process requiring professional skill and diligence. As professionals, we are expected maintain an objective and independent attitude throughout the audit. Lanter, Leonardo & Levy takes pride in the level of service and professionalism we provide our clients on a daily basis.

The best strategies for business and personal growth and success are specific to your business and personal situation. Your plan must be tailored to fit your unique circumstances. Contact Lanter, Leonardo & Levy for a no obligation consultation on building and preserving the company and wealth you have worked so hard to achieve.

Call Alex Leonardo or Rick Captain today at 561-998-7770

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