![]() ![]() ![]() It includes internal control because there is a risk of a wrong statement or misinformation of the financial statements. They should have enough understanding of the business entity and the environment of the company. They should supervise the helpers in an appropriate manner. The Standards of Field Work ensure that the auditors do proper planning on how to work. They should perform the audit and prepare the report professionally with great care.They should be mentally independent in all affairs pertaining to audit.General Standards require the auditors to be technically trained and properly conduct the audit.GAAS (Generally Accepted Auditing Standards contains ten standards, which have the following 3 categories: However, we do take the time to understand your business and will take a common-sense, high-level look at the financial statements to ensure that they are fairly presented.Generally Accepted Auditing Standards (GAAS)īack to: Accounting & Taxation How are Generally Accepted Auditing Standards Used? Because a compilation is basic, it will not include an examination of the numbers themselves, or create an opinion or assurance that the numbers are correct. In a compilation, the most basic process, Weaver will take the data you supply and create financial statements that meet accounting standards. In a review, we do not generally examine internal controls, but we may make suggestions to help you improve efficiency or accuracy.Ĭompilations: If your organization would like help preparing your financial statements – whether monthly, quarterly or annually – a Weaver compilation may be exactly what you need. A Weaver review is conducted in accordance with Statements on Standards for Accounting and Review Services (SSARS). Generally, your business may need a review when third parties, such as investors, need assurance that your financial reports are accurate, but don’t require fully audited statements. Reviews: Not as extensive as a full audit, reviews offer limited assurance that your organization’s financial statements are presented correctly. As needed, we also perform audits that meet governmental (“yellow book”) standards. Weaver performs most of its financial audits for businesses using AICPA generally accepted auditing standards (GAAS) and meeting the requirements of the PCAOB. During the process, we’ll help you identify and address any issues your organization may have with internal controls, business processes, cash flow or other areas. We’ll customize our audit approach for your business, leveraging our extensive industry knowledge, our understanding of your operations and decades of experience conducting audits across Texas and the United States. We’ll use this knowledge to design an audit, review or compilation that fits your needs and schedule.Īudits: Most often, organizations need audits because banks, creditors, investors or governments require an independent auditor’s opinion on the validity of its financial statements. A Weaver audit provides the highest level of assurance to you and your stakeholders that your financial statements are presented in accordance with generally accepted accounting principles (GAAP). We always work first to thoroughly understand your business and your goals. ![]() Whether your company needs a financial statement review or audit to satisfy a lender or other funding sources, or you would like to change your existing auditor to get better service, Weaver can help. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |