Do you need Audit and Review solutions? Here’s
a list of questions you can ask yourself:
- Does our bank require us to have an audit/review?
- Are there regulatory requirements for us to maintain an audit/review?
- Do we belong to a trade association that requires an audit/review?
- Do we need independent assurance on the quality of our financial accounting?
- Are we looking to go public or sell the business in the short to medium
Your company/organization most likely needs an audit or review performed,
if you answered yes to any one of the above questions. An audit or review
of your financial statements can be a valuable process. Typically, businesses
have an audit or review performed when required by a lender or regulatory
agency. KPM Accounting & Management Solutions is qualified to provide
audit and review services. We use the audit as a tool to help you learn
more about and improve your business, rather than simply an exercise to
fulfill a requirement.
- An audit includes evaluation and tests of internal controls
- An audit is the expression of our opinion regarding your financial
- Substantive testing is performed to provide us an adequate basis for
- An audit it the highest level of assurance on financial statements
- Our typical customer: Non-profit receiving state/federal financial
assistance and borrowers of sums in excess of $1 million
- A review includes analytical procedures applied to account balances
- No opinion is given, however negative assurance is provided (e.g.
– nothing came to our attention…..)
- A review is less costly than an audit
- Our typical customer: Small businesses with revolving credit lines
in excess of $500,000