Assurance Services
Financial Statement Audit Services
The Accounting Firm LLC provides financial statement audit services to businesses and nonprofit organizations in Alexandria, Virginia, and the surrounding area.
A financial statement audit provides reasonable assurance about whether the financial statements are free from material misstatement and results in an independent auditor’s report expressing an opinion on the financial statements, as applicable.
When You May Need a Financial Statement Audit
Organizations may need audited financial statements to satisfy financial reporting requirements established by lenders, funders, investors, boards, or agreements.
- Lender Requirements — Banks and other lenders may require audited financial statements as a condition of financing or loan agreements.
- Nonprofit Funding — Nonprofit organizations may need audited financial statements to satisfy board, grantor, or funding requirements.
- Owners and Investors — Owners, investors, and other stakeholders may request an independent audit of the financial statements.
- Contractual Requirements — Certain business agreements or organizational governing documents may require audited financial statements.
The specific reporting requirement determines whether an audit is necessary.
Our Financial Statement Audit Services
Our audit engagements include understanding the organization and its financial reporting environment, assessing risks of material misstatement, evaluating relevant internal controls for risk assessment, and performing audit procedures to obtain sufficient appropriate evidence.
We evaluate the financial statements and related disclosures and issue an independent auditor’s report in accordance with the applicable auditing standards. Audit procedures generally involve testing selected transactions and balances rather than examining every transaction.
What You Receive
At the conclusion of the engagement, clients receive an independent auditor’s report accompanying the audited financial statements, including the related notes. The report communicates the auditor’s opinion or other applicable reporting outcome based on the audit findings.
Where required, significant deficiencies or material weaknesses in internal control identified during the audit are communicated in writing to management and those charged with governance. Management remains responsible for the financial statements and the organization’s internal controls.
Frequently asked questions
What is the purpose of a financial statement audit?
A financial statement audit provides reasonable, but not absolute, assurance about whether financial statements as a whole are free from material misstatement, whether caused by fraud or error.
The engagement results in an independent auditor’s report containing the applicable audit opinion or other reporting outcome.
When is a financial statement audit required?
An audit may be required by a lender, grant agreement, investor, board, or other contractual requirement.
The specific agreement or reporting obligation determines whether audited financial statements are necessary.
What documents are needed for an audit?
Typical documents include financial statements, a trial balance, general ledger, bank reconciliations, supporting schedules, loan agreements, and other relevant financial records.
We provide a document request list tailored to the engagement.
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Discuss Your Audit Requirements
Schedule a consultation to discuss your financial statement audit needs and reporting requirements.